Panther Auto Detailing reported the following results for the past week: Actual number of cars detailed Actual direct labor hours used Actual total direct labor cost Budgeted number of cars to be detailed Standard direct labor cost per hour Standard direct labor per car What is the company's direct labor efficiency variance? O $2,579 favorable $3,251 favorable O $3,251 unfavorable 140 420 $6,500 O $2,579 unfavorable 350 $12.28 1.5

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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.