All categories

2 years ago

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]2 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)

under- applied or over- applied

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.

reporting on the financial statements

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

Alternatively,

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

Does the film titanic improve the viewer's understanding of the historical events?

Angelina_Jolie [31]

On one hand it does, but on the other, it doesn't.
If you look at the movie from a historical perspective, we can see what people might have behaved like in the actual event when Titanic sank. The movie portrays their thoughts, emotions, and behaviors during that horrible night, so if you think about it that way, I guess we can understand the event more. On the other hand though, the movie included a love story which is not really relevant to what actually happened in history, so it doesn't really help the viewer think about history much.

6 0

3 years ago

Read 2 more answers

If you have a low credit score, lenders are more likely to give you what type of interest rate? A. A low interest rate B. A high

alisha [4.7K]

Answer:

B) A high interest rate.

Explanation:

A low credit score means a bad credit score. Meaning you are not that reliable in paying your credit back. If you were reliable, they would make it easy for you and give you a low interest rate. However, your credit score says otherwise so they will give you a high interest rate since you are a higher risk.

8 0

3 years ago

Why has caricom produced limited improvements in interregional trade??

Kobotan [32]

CARICOM or the Caribbean Community and Common Market solely reason for existence is to promote the economic integration to guarantee the benefits and shared equitably. The mainly cause for CARICOM in producing limited improvements is because majority of the English speaking country illustrates the division deep linguistic in Caribbean

3 0

2 years ago

A fully inclusive document detailing an organization's mission, organization, objectives, and operations is called a(n) _____

inn [45]

The one responsible of providing a fully inclusive document that details the mission of the organization, its objectives and their operations is called business. Business are likely to be run by a group of people in which they have a common interest or purpose in order to achieve their goal.

4 0

3 years ago

The most effective means of increasing productivity and overcoming economic crisis in the Late Middle Ages came from Select one:

Natalka [10]

Answer:

c. technological advances

Explanation:

The most effective means of increasing productivity and overcoming economic crisis in the Late Middle Ages came from increasing the efficiency of workers and providing workers with better tools

6 0

3 years ago