To help set expectations you calculate the difference between the amount that was expected to be paid per unit of materials to what was actually paid. Expected (Standard) Price Actual Price Difference (0.03) Cream $0.23 $ 0.20 0.0675 0.07 0.0025 Sugar Vanilla 0.62 0.60 0.26 0.25 Toppings Container Label (0.0200) (0.0100) 0.0000 0.15 0.15 $0.0550 0.06 0.0050 What are you expecting to see in your variance analysis based on your comparison of actual and expected prices? What does it mean to have a price variance? You are now ready to calculate the total, quantity, and price variances in dollars. Indicate favorable and unfavorable price and quantity variance as follows: F U = Favorable = Unfavorable