The following information is available through June 2014 for Kimchee Company: 
On June 29, a fire completely destroyed Kimchee's inventory. Using the gross profit method, the estimated value of the inventory destroyed is
Definitions:
Variance Reports
Documents that compare actual performance to planned or budgeted performance, highlighting differences or "variances."
Top Management
Refers to the highest level in the management hierarchy, responsible for the overall strategy and direction of an organization.
Standard Cost
A predetermined cost of manufacturing, which is often used in budgeting and variance analysis.
Budgeted Amount
The estimated financial expenditure or revenue for a specific period, often used as a plan or guideline for managing finances.
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