costs for June 2020. Item Wood Nails, glue, stain Indirect manufacturing labor Depreciation on skill saws Depreciation on delivery truck $2,220 Assembly-line workers wages $53,700 Date Prepare the journal entries for the overhead costs incurred. Assume labor has been incurred by not yet paid. Record the entries in the order they appear in the chart above. June 30 Cost $187,140 $18,640 June 30 June 30 $39,730 $4,530 Description Debit Credit

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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.