Make out the necessary accounts from the following details: Process A Process B Materials 30,000 3,000 Labour 10,000 12,000 Overheads 7,000 8,600 Inputs (units) 20,000 17,500 Normal loss 10% 4% Sale value of wastage per unit 1 2 There was no opening or closing stock or work in progress. Final output from Process B was 17,000 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.