JUSTINE Company has the following balances as of the year ended December 31, 2022 DR Direct Materials Inventory WIP Inventory Finished Goods Inventory Factory Department Overhead Cost of Goods Sold Additional information is as follows: Cost of direct materials purchased during 2022 Cost of direct materials requisitioned in 2022 Cost of goods completed during 2022 Factory overhead applied (120% of direct labor) Php15,000 34,500 49,500 4,000 74,500 Php41,000 47,000 102,000 48,000
JUSTINE Company has the following balances as of the year ended December 31, 2022 DR Direct Materials Inventory WIP Inventory Finished Goods Inventory Factory Department Overhead Cost of Goods Sold Additional information is as follows: Cost of direct materials purchased during 2022 Cost of direct materials requisitioned in 2022 Cost of goods completed during 2022 Factory overhead applied (120% of direct labor) Php15,000 34,500 49,500 4,000 74,500 Php41,000 47,000 102,000 48,000
Chapter1: Financial Statements And Business Decisions
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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.
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