what is overhead control in cost accounting? When and Why is it used? Is it temporary?...
what is overhead control in cost accounting? When and Why is it used? Is it temporary? Please entail all important info on Overhead Control. PLease provide a sample example. Please an Thank
Homework Answers
Answer)
Overheads are all indirect expenses incurred while manufacturing or marketing or so on and these could be both fixed and variable. These are not not direct expenses like materials or labour and hence controlling them is a bit tough as compared to directly attributable expenditure.
It is used when the overhead costs are high than estimated and these are not temporary as the business once implemented it what's to continue for long period.
For example, Implementing JIT so that all the storage costs of raw materials can be reduced can be termed as an example for overhead control.
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what is overhead control in cost accounting? When and Why is it
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30. The overhead control account records the actual overhead costs incurred and the overhead cost...
True or False
30. The overhead control account records the actual overhead costs incurred and the overhead costs allocated. 31. There are normally three inventory accounts in a manufacturer's general ledger; raw materials, cost of sales and finished goods. 32. When raw materials are purchased the raw materials inventory account is credited. 33. Actual overhead is debited to the overhead control account. 34. The journal entry to record overhead allocated is debit Work in Process and credit Overhead Control 35....
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True or False
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