Sherwin Chemicals produces commercial strength cleansing supplies. Two of its main products are window cleanser that uses ammonia, and floor cleanser that uses bleach. Information for the most recent period follows: Product Names Direct materials information Standard ounces per unit Standard price (SP) per ounce Actual quantity (AQ) used per unit Actual price (AP) paid for material Actual quantity purchased (AQP) and used Price variance Quantity variance Flexible budget variance Number of units produced What is the Standard Price (SP) for bleach? O $0.79/oz. O $0.88/oz. O $0.92/oz. O $1.14/oz. Window Cleaner (ammonia) 16 oz. $0.75 20 oz. $1.00 1,500 oz. ? $1,500 U ? 500 Floor Cleaner (bleach) 24 oz. ? 22 oz. $0.90 2,800 oz. $300 U ? $678 F 600

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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.