The following information is available for Sunland Company at December 31, 2022: 1. Inventory balance 3. Finished Goods Work in Process Raw Materials Beginning of Year End of Year $16,240 $11,600 Direct labor 11,948 6,960 2. Debit postings to Work in Process Inventory during the year were: Direct materials $104,400 Manufacturing overhead applied Sales totaled $359,600 for the year. 13,920 7,540 69,600 87,000

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A: Financial reports are issued at the end of the year that shows the status of the Company.

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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.