E10-4A. Material, Labor, and Variable Overhead Variances The following summarized manufacturing data relate to Thomas Corporation's April operations, during which 2,000 finished units of product were produced. Normal monthly capacity is 1,100 direct labor hours. Direct material: Standard (2 lb. @ $9/lb.) Actual (4,200 lb. @ $10.20/lb.) Direct labor: Standard (0.5 hr. @ $24/hr.) Actual (950 hrs. @ $23.40/hr.).. Variable overhead: Standard (0.5 hr. @ $6/hr.) Actual Total Standard Unit Costs $18 12 3 $33 Total Actual Costs $42,840 22,230 6,450 $71,520 Determine the materials price and efficiency variances, labor rate and efficiency variances, and variable overhead spending and efficiency variances.

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Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.