Total Direct Labor Cost The standards for production are: $39,695 Standards Direct Materials per gadget 3 lbs per gadget Cost of Direct Materials per pound Direct Labor per gadget Direct Labor Cost per gadget $5 per pound 18 minutes per gadget (.30 hours) $6 per gadget What is the Direct Labor Rate Variance? Enter a favorable variance as a positive number. Enter an unfavorable variance as a negative number.

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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.