Taxes R Us (TRU), an income tax preparation firm, uses the FIFO method of process costing for its monthly reports. TRU has no materials cost in the preparation of the returns. The following shows its March information: Returns in process, March 1 (30% complete) Returns started in March Returns in process, March 31 (90% complete) Labor and overhead costs for returns in process, March 1 Labor and overhead costs incurred in March Required: Calculate the following amounts for conversion costs using the FIFO method: 1. Number of equivalent units (tax returns) 2 Cost per equivalent unit 3. Cost of completed tax returns for the month of March 4. Cost of tax returns in process as of March 31 210 2,150 420 $ 5,250 $ 225,500

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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.