The following standards have been established for a raw material used to make product 084: Standard quantity of the material per unit of output Standard price of the material The following data pertain to a recent month's operations: Actual material purchased Actual cost of material purchased Actual material used in production Actual output 3,900 meters $76,830 a. Materials price variance b. Materials quantity variance 7.6 meters $18.80 per meter 3,600 meters 550 units of product 084 The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month? (Indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

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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.