Total cost and number of units in the first seven months of 2021 are given below. According to this information, which of the following is the total cost if the company produces 500 units in August? Periods Total Cost No.of Units January      23,000 235 February      23,680 260 March      24,112 275 April      24,315 285 May      24,952 310 June      25,650 340 July       28,700 425 Select one: a. 34950 b. 30950 c. 35850 d. 32950

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A:

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A: Formula:

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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.