Novak is the primary provider of spirit apparel for many high schools. Management has been evaluating two of its key products for changes in selling price and sales volume in comparison to expectation: the quarter-zip jacket and the hooded sweatshirt. Novak's expectations and actual results were as follows. Quarter-zip Sweatshirt Budgeted Sales Actual Sales Volume Volume 460 Sales mix variance Sales quantity variance 540 520 480 $ 400 Budgeted Selling Price 2340 $44 $51 Actual variable costs equaled the flexible budget variable costs. How much was Novak's sales mix variance this year? How much was the company's sales quantity variance? Actual Selling Price $46 $48 Unfavorable Budgeted Variable Unit Cost Unfavorable $27 $28

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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.