The following company information is available for March. The direct materials price variance is: Direct materials purchased and used Standard costs for direct materials for March production 2,900 feet @ $62 per 3,000 feet @ $60 per Multiple Choice $5,800 unfavorable. $200 favorable. $6,000 unfavorable.

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A:

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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.