Fletcher Company collected the following data regarding production of one of its products. Compute the direct materials price variance. Direct materials standard (6 pounds @ $2/pound) Actual direct materials used $ 12 per finished unit 297,450 pounds 49,000 units Actual finished units produced Actual cost of direct materials used $ 592,380 Multiple Choice $2,520 favorable. $2,520 unfavorable, $4,380 favorable. $4,380 unfavorable.

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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.