MIX Manufacturing has this standard direct labor rates and standard hours allowed for output for the current quarter Standard Standard hrs Total rate/hr P12.00 10.50 7.50 Laborers Class 1 Class 2 Class 3 Total Laborers Class 1 Class 2 Class 3 Total P14.40 12.60 The wage rates for each labor class increased by 20% under the terms of a new union contract. The standard wage rates were not revised. Actual direct labor costs incurred for the current quarter are as follows: Actual rate/hr Actual labor hours Total Costs 9.00 allowed for output 300 400 500 1,200 135. Labor mix variance must be A. P58.75 U 8. P540 U C. P2,418 U D. P2,958 U Costs 350 380 520 1,250 P3,600 4,200 3,750 P11,550 PS,010 4,788 4,680 P14,508

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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.