The following data have been extracted from the records of Puzzle Incorporated: Production level, in units Variable costs Fixed costs Mixed costs Total costs Required: February 8,600 $ 19, 780 ? 16, 738 $ 68, 218 August 13, 760 $? 31,700 ? $86,949 a. Calculate the missing costs. b. Calculate the cost formula for mixed cost using the high-low method. c. Calculate the total cost that would be incurred for the production of 10,893 units. d. Identify the two key cost behavior assumptions made in the calculation of your answer to part c.

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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.