Paulson Foods manufactures pumpkin scones. For January, it budgeted to purchase and use 14,000 kilograms of pumpkin at $0.85 a kilogram. Actual purchases and usage for January were 14,250 kilograms at $0.82 a kilogram. Paulson budgeted for 56,000 pumpkin scones. Actual output was 51,300 pumpkin scones. Required Requirement 1. Compute the flexible-budget variance. Let's begin by determining the formula used to calculate the actual pumpkin costs, and then enter the amounts in the formula and calculate the cost. X X = Actual pumpkin costs

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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.