In process C on 1st April, there was no work-in-progress. During the month of April, 1,000 units of material were issued at a cost of RO 10,000. Labor and overheads totaled RO 4,375 and RO 2,400 respectively. On 31st April, 750 units were completed and transferred to the next process. On the remaining 250 units, which are incomplete, degree of completion was as follows: Materials 100%, Labor 50%, and Overhead 20%. Identify the amount of overhead that will be shown for closing work in progress. a. 3,257 b. 150 c. 2,250 d. 3,275

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Q: $1440000

A:

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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.