Standard Cost of Product A: Php Materials (5kgs x Php10 per kg) 50 Labor (4 hrs. x Php 5 per hour) 20 Variable Overheads (4 hrs. x Php 2 per hour) 8 Fixed Overheads (4 hrs x Php 6 per hour) 24 102 Budgeted Results: Production 1,000 units Sales 1,000 units Selling Price Php 150 per unit Actual Results: Production 1,200 units Sales 900 units Materials 4,850 kgs. At Php 46.075 Labor 4,200 hrs at Php 21.210 Determine the material price variance. O Pho195/425 (Unfavourable) O Php196425 (Favourablel O Pho2425 (Unfavourable) O Pro2425 Fvourable

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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.