8. Elite Stationary employs 20 full-time employees and 10 trainees. Direct and indirect costs are applied on a professional labor-hour basis that includes both employee and trainee hours. Following is information for 2022: Budget Actual Indirect costs $300,000 $400,000 Annual salary of each employee $200,000 $210,000 Annual salary of each trainee $35,000 $40,000 Total professional labor-hours 20,000 dlh 40,000 dlh How much should a client be billed in a normal costing system when 1,000 professional labor-hours are used? A) $215,000 B) $125,000 C) $130,000 D) $145,000

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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.