Seacoast Company provided the following information about its standard costing system for 2019: Materials Labor Budgeted production Standard Data 10 lbs. @ $4 per lbs. 3 hrs. @ $21 per hr. 3,500 units Produced Materials purchased Materials used Labor worded Actual Data 4,000 units 50,000 lbs. for $215,000 41,000 lbs. 11,000 hrs. costing $220,000 Calculate the price, quantity and total variances for labor and materials. Format your answers using $, commas, and zero decimal places. Also indicate for each variance "F" for favorable or "U" for unfavorable.

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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.