Q1:Basically, variance analysis is a comparison of actual performance to expected performance. Share your personal and/or professional experiences with variance analysis relative to performance evaluation. Share how variance analysis has been, is and/or could be used relative to personal and/or professional decision making (e.g., who gets a raise or promotion or "released" from the organization).

Q2: Assume all products were sold and the company has no ending inventories. After making the entry, does the balance of costs of goods sold on the income statement reflect standard costs or actual costs? Explain.