Johnson Manufacturing uses a standard cost system. Standards for direct materials are as follows: Direct materials (pounds per unit of output) Cost per pound of direct materials 6 $7 The company produced 800 units and actually used 5,250 pounds of direct materials. What is the journal entry to record the materials usage? A. Work in Process 33,600 Direct Materials Efficiency Variance 3,150 Raw Materials Inventory 36,750 OB. Work-in Process 39,900 Direct Materials Efficiency Variance 3,150 Raw Materials Inventory 36,750 OC. Work in Process 36,750 Direct Materials Efficiency Variance 3,150 Raw Materials Inventory 39,900 OD. Work-in Process 36,750 Direct Materials Efficiency Variance 3,150 Raw Materials Inventory 33,600

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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.