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Ronn Industries
Ronn Industries reported net income of $95,000 for 2012. Early in 2013, Ronn discovered that its 2012 ending inventory was overstated by $5,000.
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Refer to the information provided for Ronn Industries. Determine the financial statement effects of the inventory error for 2013.
Direct Labor Variances
The difference between the actual and standard labor costs incurred by a business during a specific period.
Direct Labor Costs
The wages and benefits paid for labor that is directly involved in the production of goods.
Property, Plant, and Equipment
Long-term tangible assets that a company uses in its operations and that are expected to provide benefits for more than one year.
Standard Cost
A predetermined cost of manufacturing a product or providing a service, under normal conditions, which serves as a benchmark for measuring performance.
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