Question 1
Describe the purpose of variance analysis.
Question 2
During February the Lungren Manufacturing Company's costing system reported several variances that the production manager was surprised to see. Most of the company's monthly variances are under $125, even though they may be either favorable or unfavorable. The following information is for the manufacture of garden gates, its only product:
| 1. | Direct materials price variance, $800 unfavorable. |
| 2. | Direct materials efficiency variance, $1,800 favorable. |
| 3. | Direct manufacturing labor price variance, $4,000 favorable. |
| 4. | Direct manufacturing labor efficiency variance, $600 unfavorable. |
Required:
| a. | Provide the manager with some ideas as to what may have caused the price variances. |
| b. | What may have caused the efficiency variances? |
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