In two or three paragraphs explain the purpose of variance analysis and its benefits and drawbacks.

Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead
Section: Chapter Questions
Problem 29Q: What are the four variances in the four-variance method and what does each measure? (appendix)
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In two or three paragraphs explain the purpose of variance analysis and its benefits and drawbacks.

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