The following data is available for Sheridan Repair Shop for 2022: Repair technicians' wages Employee benefits Overhead Total $410000 90000 O $122. O $140. O $152. O $112. 60000 $560000 The desired profit margin is $40 per labor hour. The material loading charge is 40% of invoice cost. It is estimated that 5000 labor hours will be worked in 2022. Sheridan' labor charge per hour in 2022 would be

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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.