Tao Company had the following inventory balances at the beginning and end of the year: December 31 $ 25,000 209,000 281,000 Raw material Work in process Finished goods January 1 $ 42,000 156,000 345,000 During the year, the company purchased $165,000 of raw material and incurred $366,000 of direct labor costs. Other data: manufacturing overhead incurred, $515,000; sales, $1,670,000; selling and administrative expenses, $83,000; income tax rate, 35%. Required: A. Calculate cost of goods manufactured. B. Calculate cost of goods sold. C. Determine Tao's net income. A. Cost of goods manufactured B. Cost of goods sold C. Net income

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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.