Oxford Company has a materials standard of 21 pounds per unit of output Each pound has a standard price of $ 13 per pound During February, Oxford Company paid $ 69,860 for 4,990 pounds at $ 14 per pound, which were used to produce 2,550 units of product What is the direct materials price variance ? Multiple Choice $ 5,140 favorable $ 4,990 unfavorable $ 2,700 favorable $ 2.550 unfavorable

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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.