Gumchara Corporation reported the following information with respect to the materials required to manufacture amalgam florostats during the current month: Standard price per gram of material Standard quantity of materials per amalgam florostat 5 grams Actual materials purchased and used in production Actual amalgam florostats produced during the month Actual cost of materials purchased Normal monthly output $4 a. Determine Gumchara's materials price variance b. Determine Gumchara's materials quantity variance 6,000 grams 1,000 units $18,000 900 units

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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.