Classifying Costs The following report was prepared for evaluating the performance of the plant manager of Marching Ants Inc. Evaluate and correct this report. Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 Materials used in production (including $38,300 of indirect materials) Direct labor (including $57,400 maintenance salaries) Factory overhead: Supervisor salaries Heat, light, and power Sales salaries Promotional expenses Insurance and property taxes-plant Insurance and property taxes-corporate offices Depreciation-plant and equipment Depreciation-corporate offices Total Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 Factory overhead: $413,400 382,800 352,200 95,700 237,300 214,400 103,400 149,300 84,200 61,200 $2,093,900

Q: Classify the Costs for Financial Statements?

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Q: What is accounting base on

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Q: accounting definition?

A: Accounting means a process of recording , classifying , summarizing , interpreting and communication…

Q: Define accounting equation

A: Financial Accounting: It refers to the process of recording the financial transactions of the…

Q: State the meaning of Income and Expenditure Account.

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Q: Distinguish between Income and Expenditure Account and Receiptand Payment Account.

A: Difference between income and expenditure account and receipt and payment account:

Q: Explain Bill-and-hold concept.

A:

Q: Differentiate the Revenue Cycle and Expenditure cycle

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Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit.  Overhead expenses depend upon the nature of the business operations.