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
The number of employees a supervisor can efficiently and effectively direct is called span of control. contemporary organization
g100num [7]
<span>Contemporary organizations find that wide spans create flat organizations with fewer vertical levels. Contemporary structures and forms of organizations are simple, functional structures. They are used in a simple business environment and they are traditional in their views and business practices. </span>
5 0
2 years ago
Which of the following is true about effective budgets?
Dmitry_Shevchenko [17]
It should be realistic and evaluated frequently
4 0
3 years ago
I NEEDDDD HELLPPPPP!!!!!!!!!!!!!!!!!!!!
Usimov [2.4K]

With what finding a job?

4 0
3 years ago
Read 2 more answers
McCarthy Company has inventory... McCarthy Company has inventory of 8 units at a cost of $200 each on October 1. On October 2, i
KatRina [158]

Answer:

Ending inventory= $3,485

Explanation:

Giving the following information:

Beginning inventory= 8 units for $200 each

On October 2= purchased 20 units at $205 each.

11 units are sold on October 4.

u<u>nder the FIFO (first-in, first-out) inventory method, the ending inventory is calculated using the cost of the last units incorporated into inventory.</u>

Ending inventory= 17*205= $3,485

6 0
3 years ago
On January 15, the end of the first biweekly pay period of the year, North Company's payroll register showed that its employees
Elanso [62]

Answer:

Please check the images attached below

Explanation:

Salaries Payable = (Salariesexpense - Socialsecurity taxes - Medicaretaxes - Incometaxes - MedicalcareInsurance Education - Union dues)

=$28,000−$1,736−$406−$3,800−$678−$190

=$28,000−$6,810

=$21,190

Hence, the salaries payable are $21,190.

Compute the social security taxes using the equation as shown below:

\begin{array}{c}\\{\rm{Social security taxes}} = {\rm{FICA tax rate}} \times {\rm{Salaries expense}}\\\\ = 6.2\% \times \$ 28,000\\\\ = \$ 1,736\\\end{array}  

Socialsecuritytaxes=FICAtaxrate×Salariesexpense

=6.2%×$28,000

=$1,736

​  

Hence, social security taxes are $1,736.

Compute the Medicare taxes using the equation as shown below:

 

Medicaretaxes=Medicaretaxrate×Salariesexpense

=1.45%×$28,000

=$406

​  

Hence, Medicare taxes are $406.

​

4 0
2 years ago
Other questions:
  • The 2009 kaiser family foundation survey found that 11- to 14-year-olds were engaging with media approximately _____ hours a wee
    14·1 answer
  • Please explain the basic assumptions of Solow-Swan model of growth.
    10·1 answer
  • Although ultimate responsibility for implementing and executing strategy falls upon the shoulders of senior executives,
    8·1 answer
  • Dane works as a sales representative for the Better Butter Company. He is about to meet with his manager to review his progress
    13·2 answers
  • The law firm of smith &amp; jones has a staff of 30 lawyers and administrative staff. Budgeted total costs of the firm total $4,
    5·1 answer
  • Collins Inc. is investigating whether to develop a new product. In evaluating whether to go ahead with the project, which of the
    8·1 answer
  • Billie Bradford worked for the Kentucky Department of Community Based Services (DCBS). One of Bradford’s co-workers, Lisa Stande
    9·1 answer
  • What is CUSTOMER VALUE? How it can be created? Discuss.
    13·1 answer
  • Why do we say that credit is basically a loan?
    13·1 answer
  • What was ronald reagan’s basic belief about economic growth? he thought greater government involvement in business would fix the
    8·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!