Requirement 1. Calculate the direct materials and direct manufacturing labor price and efficiency variances in May 2017. What is the total flexible-budget variance for both inputs (direct materials and direct manufacturing labor) combined? What percentage is this variance of the total cost of direct materials and direct manufacturing labor in the flexible budget? Begin by calculating the direct materials and direct manufacturing labor price and efficiency variances in May 2017. Complete the actual results, price variance, and cost columns, then the efficiency variance and flexible budget columns. Label each variance as favorable or unfavorable. (Round all answers to the nearest cent.) May 2017 Units Direct materials Direct labor Total variance $ $ Actual Results Price Variance Actual Input Qty x Budgeted Price 425 10,200.00 $ 1.275.00 U $ 7,199.50 $ 93.50 US S 1,368.50 U 8,925.00 $ 7,106.00 $ S Efficiency Variance 1,190.00 US 646.00 F S 544.00 U The total flexible-budget variance for both inputs (direct materials and direct manufacturing labor) combined is $ This variance is Flexible Budget 425 7,735.00 7,752.00 % of the total cost of direct materials and direct manufacturing

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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.