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julia mickelson
on Oct 24, 2024

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The schedule of cost of goods sold includes any underapplied/overapplied overhead.

Schedule of Cost of Goods Sold

A detailed statement showing the direct costs, indirect costs, and total cost of goods that have been sold during a specific period.

Underapplied

A situation where the allocated manufacturing overhead is less than actual, leading to costs not being fully assigned to products.

Overapplied Overhead

Occurs when the allocated overhead costs exceed the actual overhead costs incurred, leading to a variance in accounting records.

  • Comprehend the application of pre-established overhead rates in cost calculation and the management of manufacturing overhead costs.
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Simeon HardleyOct 24, 2024
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