Duffield Lubricants produces oll-based machine lubricants. On December 1, It had no work-in-process inventory. It starts production of 166,000 gallons of lubricant In December and completes 99,600 gallons. The costs of the resources used by Duffield in December consist of the following. Materials Conversion costs (labor and overhead) $ 197,568 771,248 Required: The production supervisor estimates that the ending work in process is 40 percent complete. Compute the cost of lubricant transferred to finished goods and the amount in work-in-process ending Inventory as of December 31. Note: Do not round Intermediate calculations. Cost of lubricant transferred to finished goods Work-in-process ending inventory

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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.