Sunland Company's accounting recordsreflect the following inventories:Dec. 31,2022Dec. 31,2021Raw$230000$180000materialsinventoryWork in300000160000processinventoryFinished190000150000goodsinventoryDuring 2022, $720000 of raw materialswere purchased, direct labor costsamounted to $670000, and manufacturingoverhead incurred was $640000. (Assumethat all raw materials used were directmaterials.)Sunland Company's total manufacturingcosts incurred in 2022 amounted to$1940000.$2030000.$1980000.

Name: Sunland Company's accounting recordsreflect the following inventories
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Description: Sunland Company's accounting recordsreflect the following inventories:Dec. 31,2022Dec. 31,2021Raw$230000$180000materialsinventoryWork in300000160000processinventoryFinished190000150000goodsinventoryDuring 2022, $720000 of raw materialswere purchased

The total manufacturing costs are calculated as sum of direct materials used, direct labor and…

Business

Accounting

Sunland Company's accounting records reflect the following inventories: Dec. 31, 2022 Dec. 31, 2021 Raw $230000 $180000 materials inventory Work in 300000 160000 process inventory Finished 190000 150000 goods inventory During 2022, $720000 of raw materials were nurchased direct labor costs

Sunland Company's accounting records reflect the following inventories: Dec. 31, 2022 Dec. 31, 2021 Raw $230000 $180000 materials inventory Work in 300000 160000 process inventory Finished 190000 150000 goods inventory During 2022, $720000 of raw materials were nurchased direct labor costs

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Concept explainers

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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Question

Sunland Company's accounting records
reflect the following inventories:
Dec. 31,
2022
Dec. 31,
2021
Raw
$230000
$180000
materials
inventory
Work in
300000
160000
process
inventory
Finished
190000
150000
goods
inventory
During 2022, $720000 of raw materials
were purchased, direct labor costs
amounted to $670000, and manufacturing
overhead incurred was $640000. (Assume
that all raw materials used were direct
materials.)
Sunland Company's total manufacturing
costs incurred in 2022 amounted to
$1940000.
$2030000.
$1980000.

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