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Question: Accounting for Overhead Form groups of four to six persons. Each group should identify a cost accountant at a local company to interview. The interviewee could be the top financial officer of a small company, but a division controller or cost analyst might be more appropriate for a large company. The essential factor is that the person chosen understands how overhead costs are allocated to products or services in the company. Set up an interview with the cost accountant, and explore the following issues. Be prepared with follow-up questions if your question receives a superficial answer. Your goal should be to get as much operational detail as possible about the procedures used for allocating overhead costs at the company. If the company is large, you may want to focus on one department, one product line, or some other subdivision of the company. The issues to explore are as follows:
1. What types of costs are included in overhead? How large is overhead compared with direct materials and labor costs?
2. What types of overhead cost pools exist? Are there different pools by department? By activity? By cost-allocation base? By fixed or variable cost? Be prepared to explain what you mean by these terms because terminology varies widely.
3. How is overhead applied to final products or services? What cost-allocation bases are used? After the interview, draw a diagram of the cost application system in as much detail as possible. Be prepared to share this with the entire class, using it to explain the overhead cost application system at the company your group studied.
Prepare the corporation's journal entry to record the re acquisition of the bonds.
Which type of financing, debt or equity, increases the risk factor of a business?
How is the sale of equipment reported on the statement of cash flows using the indirect method?
Prove directly (by calculating the heat taken in and the heat expelled) that a Carnot engine using an ideal gas as the working substance has an efficiency of 1 -Tc/Th.
Yolanda Hagen, a former disc golf star, operates Yolanda's Discorama. Journalize the April transactions using a perpetual inventory system
Record the sale by Balus Company of $ 125,000 in accounts receivable
One of Lara Dole Company's activity cost pools is machine setups, with estimated overhead of $300,000. Dole produces flares (400 setups) and health packs (600 setups). How much of the machine setup cost pool should be assigned to flares?
Would you answer in above question be different if the shareholder had also lent the subchapter S corporation cash in an amount in excess of the shareholders' allocable share of losses and deductions, and if so how?
Determine the gross profit from sales for the period, Determine the total sales and the total cost of goods sold for the period.
In a service organization, accounting charges overhead to jobs based on hours worked on the job. Actual overhead incurred is $15,000.
What is inventory shrinkage? Please give an example or 2 and include how to minimumize shrinkage for that example.
1. when deciding between two alternatives the preferred alternative always hasa. no opportunity costs.b. greater
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