Exercise 17-28 (Algo) Industry Volume and Market Share Variances (LO 17-3) Piper Products sold 413,000 units during the last period when industry volume totaled 2.87 million units. The company originally expected to sell 449,500 based on a budgeted market share of 15 percent. The budgeted selling price was $14 per unit. Budgeted variable costs were $6 per unit. Budget fixed costs were $1,840,000 and applied based on units produced. Required: Compute the sales activity variance, and break it down into market share variance and the industry volume variance. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Sales activity variance Market share variance Industry volume variance

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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.