The accountant at Roland Industries provides you with the following information for the first quarter: Direct labor costs $382,000 Direct materials inventory, January 1 38,700 Direct materials inventory, March 31 35,100 Direct materials purchased during the quarter Finished goods inventory, January 1 Finished goods inventory, March 31 Manufacturing overhead for the quarter Work-in-process inventory, January 1 Work-in-process inventory, March 31 Required: a. Compute the following. 1. Total prime costs 2. Total conversion costs 3. Total manufacturing costs 4. Cost of goods manufactured 5. Cost of goods sold 451,500 79,000 98,400 473,000 29,700 26,900

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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.