Selling price (per unit) Units in opening inventory Units manufactured Units sold Units in closing inventory 100 Variable costs per unit: Direct materials R12,00 Direct labour R50,00 Variable manufacturing overhead Variable selling and administrative R10,00 Fixed costs: R81 000 Fixed manufacturing overhead Fixed selling and administrative R19 000 The company produces the same number of units every month, although the sales in units vary from month to month. The company's variable costs per unit and total fixed costs have been constant from month to month. (where applicable, round off amounts to two decimal places) R6,50 R 116 600 2 550 3050

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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.