1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
dimaraw [331]
3 years ago
5

G At the end of a month, how is over or under applied overhead reported on the financial statements

Business
1 answer:
andrew-mc [135]3 years ago
4 0

Answer:

Hie your question has missing information, i tried to look it up online but i could not find it.

Here below is some explanation on the g part of your question on the treatment of over or under applied overhead on the financial statements.

At the end of the reporting period, the entity compares its actual manufacturing overhead to its applied manufacturing overhead (used in determining product cost)

<u>under- applied or over- applied</u>

If actual manufacturing overhead > applied manufacturing overhead, the overheads are under- applied.

and

If actual manufacturing overhead < applied manufacturing overhead, the overheads are over- applied.

<u>reporting on the financial statements</u>

under- applied are added to the cost of sales in the trading account. this increases the costs of sales amount.

under- applied are deducted from the cost of sales in the trading account. this decrease the costs of sales amount

<em>Alternatively,</em>

under -applied overheads are allocated to inventory balances including cost of sales and added to the total of the  balances as the end of the period.

and

over -applied overheads are allocated to inventory balances including cost of sales and deducted from the total of the balances as the end of the period.

You might be interested in
Which employers include not only private companies and nonprofit organizations, but also hospitals, department stores, and car m
julia-pushkina [17]
The answer is option D. B<span>usiness financial management]

The job of Business Financial managers cut across many sectors; their job is to see to </span><span>the </span>financial<span> health of an organization, by produce </span>financial<span> reports, directing investment activities, and developing strategies and plans for the long-term </span>financial<span> goals of their organization. As such, they are employed not only in private companies and non-profits, but also in such places as </span><span>hospitals, department stores, and car manufacturring firms.</span>
4 0
3 years ago
Read 2 more answers
What kind of table lists the quantity of a good that a person will buy at different prices?
Monica [59]

Answer: Demand Schedule

Explanation: A schedule is a table that lists quantity and price of a good. Since, here it is given quantity of a good that a person will buy we are referring to a single individual. So, the table which lists quantity for a good demanded by a single individual at different prices is given by an <em>individual demand schedule</em>.

6 0
3 years ago
Read 2 more answers
Accounting subject , please help me​
suter [353]

SORRY BUT I DONT NOW

DO YOU WANT BE FRIEND WITH ME?

6 0
3 years ago
Tracy Company, a manufacturer of air conditioners, sold 270 units to Thomas Company on November 17, 2021. The units have a list
coldgirl [10]

Answer:

November 17, 2021

Dr. Inventory              $81,000

Cr. Account payable $81,000

November 26, 2021

Dr. Account Payable $81,000

Cr. Discount Income $2,430

Cr. Cash                     $78,570

December 15, 2021

Dr. Account payable $81,000

Cr. Cash                     $81,000

Explanation:

Sales Amount = 270 units x $400 = $108,000

Discount = $108,00 x 25% = $27,000

Net Sales = $108,000 - $27,000 = $81,000

Terms of sale 3/10, n/30 means there is a discount of 3% is available on payment of due amount within discount period of 10 days after sale with net credit period of 30 days.

Payment made on

November 26, 2021

As the payment is made within discount period, so discount will be availed

Discount = $81,000 x 3% = $2,430

Cash received = $81,000 - $2,430 = $78,570

December 15, 2021

As the payment is made after discount period, so no discount will be availed.  Full payment of $81,000 will be made.

3 0
3 years ago
Tucker Company makes chairs. Tucker has the following production budget for January - March. January February March Units Produc
ziro4ka [17]

Answer:

Total= 45,684 feet

Explanation:

Giving the following information:

Production budget:

February= 10,993

March= 8,559

Each chair produced uses 5 board feet of wood.

Management wants an ending inventory level of raw materials to equal 20% of the production needs (in wood) for the next month.

Direct material budget:

Production= 10,993*5= 54,965

Desired ending inventroy= (8,559*5)*0.2= 1,712

Beginning inventory= (10,993*5)*0.2= (10,993)

Total= 45,684 feet

6 0
3 years ago
Other questions:
  • ​bill's organization expects​ 50% of profits to be generated by products that did not exist five years ago. what is the nature o
    14·1 answer
  • Ireland Corporation obtained a $40,000 note receivable from a customer on June 30, 2016. The note, along with interest at 6%, is
    12·1 answer
  • An increase in the money supply will have the greatest effect on real gross domestic product if
    14·1 answer
  • Edgar Co. determines from a physical inventory count taken on the last day of fiscal 20X7 that its LIFO-basis inventory of widge
    14·1 answer
  • How much did nfl tickets cost in 1920
    7·1 answer
  • Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2021 annual report as follows.
    6·1 answer
  • The stock in Pal-Maine Foods has a beta of .85. The expected return on the market is 11.50 percent and the risk-free rate is 2.8
    9·1 answer
  • Paul consumes only books and DVDs. At his current consumption​ bundle, his marginal utility from DVDs is 21 and from books is 4
    15·1 answer
  • Mr. alvarez studied the soap products on the store shelf. he looked for products with a familiar logo. this is an example of whi
    8·2 answers
  • What is the surface area of the Ceral box?<br> Hight is 30 width is 20 side width is 5
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!