Cost standards for one unit of product no. C77: Direct material 3 pounds at $2.50 per pound $7.50 Direct labor 5 hours at $7.50 per hour 37.50 Actual results: Units produced 8,100 units Direct material purchased 26,600 pounds at $71,820 $2.70 Direct material used 24,000 pounds at $2.70 64,800 Direct labor 41,100 hours at 57.30 300,030 46. Assume that the company computes variances at the earliest point in time. The direct-material quantity variance is: None of these. $5,750F. $5,750U. $750U. $750F. 47. Assume that the company computes variances at the earliest point in time. The direct-material price variance is: $5,320F. None of these. $5,120F. $5,120U. $5,320U. 48. Assume that the comoany computes variances at the earliest point in time. The direct-labor rate variance is: $7,794F. $8,220U. None of these. $7,794F. $8.220F.

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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.