Sheridan's Bakery makes a variety of home- style cookies for upscale restaurants in the Atlanta metropolitan area. The company's best-selling cookie is the double chocolate almond supreme. Sheridan's recipe requires 60 ounces of a commercial cookie mix, 7 ounces of milk chocolate, and 4 ounces of almonds per pound of cookies. The standard direct materials costs are $1.20 per pound of cookie mix, $12.00 per pound of milk chocolate, and $9.00 per pound of almonds. Each pound of cookies requires 2 minutes of direct labor in the mixing department and 3 minutes of direct labor in the baking department. The standard labor rates in those departments are $12.00 per direct labor hour (DLH) and $18.00 per DLH, respectively. Variable overhead is applied at a rate of $36.00 per DLH; fixed overhead is applied at a rate of $60.00 per DLH. Calculate the standard cost for a pound of Sheridan's double chocolate almond supreme cookies. (Round answer to 2 decimal places, e.g. 3.51.)

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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.