A certain department produced 16,000 units of a product that had a standard materials cost of two pounds at $1.70 per pound and a standard labor cost of two hours per unit $9.40 per hour. Actual materials purchased and used amounted to 32,200 pounds at $1.60 per pound, while actual direct labor consisted of 32,200 hours at a total labor cost $305,900. a. Compute the total materials variance, the materials price variance, and the materials usage variance.

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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.