Idaho Lumber Company grows, harvests, and processes timber for use in construction. The following data pertain to the firm's sawmill during November. Work in process, November 1 Direct material Conversion Costs incurred during November Direct material Conversion $ 68,200 176,000 The equivalent units of activity for November were as follows: 8,600 equivalent units of direct material and 2,200 equivalent units of conversion activity. Direct material Conversion $680,000 660,000 Required: Calculate the cost per equivalent unit, for both direct material and conversion, during November. Use weighted-average process costing. Cost per Equivalent Unit

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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. 

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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.