Problem 9.34 (Algorithmic) Direct Materials Usage Variance, Direct Materials Mix and Yield Variances Vet-Pro, Inc., produces a veterinary grade anti-anxiety mixture for pets with behavioral problems. Two chemical solutions, Aranol and Lendyl, are mixed and heated to produce a chemical that is sold to companies that produce the anti-anxiety pills. The mixture is produced in batches and has the following standards: Standard Mix Direct Material Aranol Lendyl Total Standard Unit Price 3,000 gallons $5.00 per gallon 17,000 7.00 20,000 gallons 16,000 gallons Direct Material Aranol Lendyl Total Yield During March, the following actual production information was provided: Actual Mix 66,000 gallons 134,000 200,000 gallons 166,000 gallons Standard Cost Favorable $ Favorable 15,000 119,000 134,000 Yield Required: 1. Compute the direct materials mix and yield variances. In your computations, round the standard cost of the yield to 3 decimal places. Use rounded number in the subsequent computations. Mix variance $11340 Yield variance $ 10050 Favorable 2. Compute the total direct materials usage variance for Aranol and Lendyl. $

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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.