The variance is the difference between the total actual cost incurred and the total standard cost.
<h3>What is variance in accounting?</h3>
In the field of accounting, the variance is simply referred to as the difference that exists between the forecasted amount and the actual amount.
Therefore from the definition that we have above the answer to this question is variance.
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The market for labor can be divided into two components, labor demand , and labor supply .
Market labor supply curves are determined more by the number of individuals who choose to supply their labor to that market than the number of hours each supplies.
So at higher wage rates relative to other markets, more people choose to supply labor in that particular market and the curve is always up-sloping.
In perfectly competitive labor and product markets, labor supply curves always measure marginal opportunity costs. The shorter the time period will be and the more specialized the type of labor will be , the less elastic the labor supply curve will be.
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Answer:
$1,029,200
Explanation:
The computation of net income increases is shown below:-
Market purchase cost = 33,200 × $185
= $6,142,000
Component division variable cost = 33,200 × $154
= $5,112,800
Net income increases = $6,142,000 - $5,112,800
= $1,029,200
hence, the net income would be increased by $1,029,000 and the same is to be considered
