Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price Standard Quantity and Cost 6 pounds $9 per pound 2 DLH $16 per DLH 2 DLH $13 per DLB Actual Cost Actual Results @ $9.10 per pound. $16.50 per hour. 50,900 pounds 16,500 hours $ 223,600 Exercise 21-9 (Algo) Direct materials variances LO P3 Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) 8,400 units Standard Cost variance by

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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.