The following information pertains to the standard costs and actual activity for Repine Company for September: Standard cost per unit Direct materials Direct labor Activity for September Materials purchased Material A Material B Materials used Material A Materials price variance 4 units of material A x $ 6.00 per unit 1 unit of material B x $ 8.00 per unit 3 hours x $ 18.00 per hour Material B Direct labor used Production output There were no beginning direct materials inventories. (a) Determine the materials price and quantity variances. Material A Material B Materials quantity variance Labor rate variance 6,750 units x $ 6.20 per unit 1,650 units x $ 8.50 per unit 6,225 units 1,508 units 4,425 hours x $ 18.80 per hour 1,500 units Labor efficiency variance $Answer $Answer AnswerFU AnswerFU (b) Determine the labor rate and efficiency variances. $Answer AnswerFU Answer Answer AnswerFU AnswerFU $Answer AnswerFU

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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.