Question

Record the flow of materials, labor, and overhead through a process costing system.

Answer 1

In process costing direct material , direct labor and manufacturing overhead are applied to work in process and transferred from one to another department.

Debit                                            Credit

(1) work in process -     cutting department Raw material

(2) work in process -shaping department Manufacturing Overheads

(3) work in process - shaping department work in process - cutting department

(4) Finished Goods inventory Work in process- shaping department

(5) cost of goods sold Finished Goods inventory

What is Overhead ?

Overhead refers to the continued business prices no longer directly attributed to creating a service or product. it's miles important for budgeting purposes however also for figuring out how much a company should charge for its products or services to make a earnings. In short, overhead is any rate incurred to guide the business even as not being directly associated with a specific service or product.

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