Dowell Company produces a single product. Its income under variable costing for its first two years of operation follow Variable Costing Income Income Units Units produced Units sold Year 1 $ 50,000 Additional Information a. Sales and production data for these first two years follow. Year 1 52,000 40,000 Year 2 52,000 64,000 b. The company's $33 per unit product cost (for both years) using absorption costing consists of the following Direct materials Direct labor Variable overhead Fixed overhead ($500,000/50,000 units) Total product cost per unit Year 2 $ 680,000 Variable costing income $ $6 Dowell Company Convert Variable Costing Income to Absorption Costing Income Year 1 Required: Prepare a statement to convert variable costing income to absorption costing income for both years Note: Leave no cells blank - be certain to enter "0" wherever required. 9 10 $33 50,000 $ 8 Year 2 680,000

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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.