First steps into management accounting | Accounting Is a Piece of Cake | Skillshare

First steps into management accounting

Accounting Is a Piece of Cake, Passionate Accountant

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24 Lessons (55m)
    • 1. Welcome

      1:10
    • 2. Management accounting meaning

      2:12
    • 3. Manufacturing and non manufacturing costs

      2:52
    • 4. Product costs and period costs

      1:08
    • 5. Direct and indirect costs

      1:59
    • 6. Cost classification exercise

      1:28
    • 7. Variable costs and fixed costs

      2:44
    • 8. Fixed costs and variable costs example

      1:51
    • 9. Breakeven point analysis

      2:16
    • 10. Breakeven point analysis example

      3:33
    • 11. Breakeven point analysis exercise

      0:57
    • 12. FIFO

      2:47
    • 13. Weighted average method

      3:20
    • 14. Job order costing

      3:42
    • 15. Process costing

      2:25
    • 16. Process costing example

      1:36
    • 17. Marginal costing

      2:03
    • 18. Marginal costing example

      4:16
    • 19. Absorption costing

      1:49
    • 20. Absorption costing example

      2:34
    • 21. Marginal costing and absorption costing exercise

      0:44
    • 22. Predetermined overhead rate

      3:05
    • 23. Overhead absorption rate example

      3:14
    • 24. Under absorption or over absorption of overheads exercise

      0:47
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About This Class

This course will show you that management accounting is not as confusing and boring as you think. And something more, it is not necessary to read tones of antique books to become confident in this area.  

The course consists of short, clear and easy to understand theory, explained examples and examples to check your knowledge. With this course, the learning process is just a piece of cake.

Transcripts

1. Welcome: Welcome to first steps into management accounting. My name is Victor and the Delta and I will help you to become familiar with the basic concepts of management accounting in a very easy, simple and interesting quake. This course will show that management accounting is not as confusing cam boring as you think, and something more. It is not necessary three tons of books to become confident in this area. The course consists of short, clear and easy to understand theory. Explain the examples and examples to check your knowledge. With this course, The learning process is just a piece of cake. Take a cup of tea, coffee or some other favorite dream, and let me convince you that the process of luring management accounting can be asked. Pleasant us doing your favorite hobby? 2. Management accounting meaning: to help you to make your first steps into management accounting, I'm going to answer a few simple questions. The first question is, what does Management accounting dough management accounting professed different reports? The second question is, what do these reports contain? These reports include different financial and non financial information. The dirt question as who needs this financial and no financial information Managers from all levels required this information. These are the internal information users, and the last question is, why do managers need this information? Majors use this financial and non financial information from the report to plan could drop and make decisions. I would like to explain. In short, what these three management activities are planning is a process of setting goals and identifying methods to achieve these goals. Controlling is a process of monitoring a plan's implementation and taking corrective actions as needed. And decision making is a process of choosing among two or no or more alternatives. As a conclusion, we can say that manager or counting is the process of collecting data and providing financial and non financial information in form of reports managers from different levels. You, this report to make decisions to run the company effectively and to reach the company's girls 3. Manufacturing and non manufacturing costs: in this video, we're going to talk about manufacturing and non manufacturing costs. Let us young that the company produces life. The company has the production department, a marketing department and I'm administrative depart month in the production department. Materials are transformed into goods. The marketing department gets the finished products into the hands of the customers. The administrative department coordinates and majors the organization as a whole. To produce toys, the company uses plastic load and go. Then people work in the production department, and they won production supervisor in the administrative department, work five people and in the marketing three people. Every month, the company pays insurance of the equipment in each department and rent for looting. The factory building, the god of electricity that the company uses in the production department, is 80% off the daughter Cost off electricity Oh, cough that are importing the production department are called manufacturing costs. These air costs spent transform materials into finished goods. The other costs incurred outside the production department are called non manufacturing cost. These costs are aren't needed in transforming materials into finished goods, and these are selling and distribution expenses and general and administrative expenses. in our example. The following costs are manufacturing Plastic boat and guru. These are the materials cost salary of the factory workers. Issuance of the factory with month salary of the production supervisor, factory electricity, factory insurance on factory rent, did not manufacturing costs. Encourage our celery of the administrative and marketing workers, insurance of the administrative and marketing equipped month and electricity used in that marketing at Indy Administrative Department. Now you know what manufacturing and non manufacturing costs are and you know a lot of examples for both group of costs. 4. Product costs and period costs: we're going to take a close look at credit costs and period costs. The best of this Costco ossification is whether the coaster invent terrible or not, Credit costs are all costs involved in the production process. These are all manufacturing costs, direct materials, direct labour and factory overheads. Product costs are invented herbal. This means that this course to become a part of the inventory as their encourage and they become expensive when the produce goods are sold. Period costs are not involved in the manufacturing process. These are selling and distribution costs and general and administrative costs. Period costs are caught, not invent terrible because they don't become a part of the inventory but become charity expenses when they're incurred. 5. Direct and indirect costs: in this video, we keep talking about manufacturing or product costs, the costs that are encouraging the production department. These costs can be divided into direct and indirect costs. The best of disqualification is whether the cost can be attributed to specific product or service or not. That cost our manufacturing costs, which can be allocated to a particular cost object without a big effort. They're easily traceable to a particular product or service. Indirect costs are factory overheads, a manufacturing costs which are incurred in the course of making multiple products or services. For that reason, they cannot be accurately identified with the particle cost object and their difficulty traceable to it. Typical examples for direct costs are direct materials and direct labour. Typical examples for indirect costs are factory rent insurance, a factory Bojic and Equate Month depreciation the factory beauty. Get equipment, utilities in factory building and maintains a factory building and equipment. I'd like to mention two mortars, prime costs and conversion costs. Prime costs are direct materials, and their Kleber and conversion courts are direct labour and manufacturing overheads 6. Cost classification exercise: 7. Variable costs and fixed costs: it is very important to make distinguish between fixed costs and the very ball costs. Fixed costs don't react to changes in activity level and remain constant within a limited range. Called the relevant range, fixed cost per unit is equal to total fixed costs divided by the number of units produced. That's why fixed cost per unit, the crazies when activity level increases, Some factory overheads are fixed costs, for example, depreciation, the factory building and equipment insurance, a factory building and equipment and rent a factor beautiful and equipment don't depend on the number of units produced. No matter if the company will produce 100 or 1000 units, these costs remain the same. Variable costs change in direct proportion to changes in activity level if production increases by 5% dot over because you also increase by 5%. Variable cost per unit is equal toe tot over a book costs divided by the number of units produced. That's why variable costs per unit is a fixed amount. Such costs are a direct materials and direct labour. Their quantity depends on the number of units produced. The more units produced, the more materials and labour used daughter costs are this, um, after the fixed costs and not over variable costs. But what cost is the electricity used in the production department? Fixed costs are there below cost. The correct answer is that discussed, has too confident, fixed into bearable electricity consumed for lighting and echoed conditioning purposes represents fixed portion of the total cost of electricity. Electricity consumed for driving machines is available component, as the changes with the changes in activity level, such costs are called mixed are same in variable costs. They respond to changes in activity level, but they don't do that in direct proportion. 8. Fixed costs and variable costs example: to stand better the meaning of fixed and variable costs. We can use the public illustration, assume that production off one package of fries request two kilograms of rice costing $2 and $200 monthly insurance. A factory building. Let's see how this to costs. Behalf entering different activity levels 102 103 100 packages. Level off activity shows the number of units produced. We have three levels. 102 103 100 units. Cost. A France per package Is a verbal cough per unit. It reminds constant for a level of activity. Don't don't cost a fries shows the total very book costs for each level of activity. These costs increase when the units produced Go up. We calculate the daughter cost of fries as we multiply the cost of France per package by each level of activity. DR. Coughed off monthly insurance expresses the total fixed cost which stayed the same no matter how many units are produced and ensure of cost per package is a fixed cost per unit and it decreases when the level off activities increases. We find the insurance cost per unit as we divide the total cost of monthly insurance by each level of activity 9. Breakeven point analysis: in this video, we're going to talk about the concept of break even. Point. Analysis are possible in profit in palaces This is a medic for short term decision making. It helps a company toe answer the following questions. What is the level off production off which accompany started to make a profit? What will be the profit if a company produced particle quantity units? How many units should accompany produce to achieve the desired level of profit? To understand how the break even point analysis answers to all these questions, we're going to take a cold look at the man. Terms break even point if the level of activity which produces neither profit nor a loss as we know the contribution is equal to the sales revenue minus the variable cost, the contribution goes forward to the fixed cost. It grows until it covers the fixed costs. Actually, this is the break even point the level of activity while the contribution matches the fixed costs. If we have information about the amount of fixed costs and contribution per unit, we can correct how much you needs. A company should produce to reach its break even point the break even point in unions is equal to the total fixed costs divided by the contribution per unit. Imagine of safety is another very crucial term. This is the difference between the expected level cells and the break even point. The larger the margin of safety, the more likely it is that the profit will be made. The margin of safety should be expressed as a percentage off. Projected sales contribution to sales ratio should be expressed as a percent toe. It shows how the contribution react to the changes in the levels of cells. Ah, high contribution to self racial means that the contribution grows more quickly than the cells levels. 10. Breakeven point analysis example: we're going to see how the break even point analysis can be applied. A company produces and sells a single product, which has the following selling price and cost structure per unit selling price. $140. There are materials $20 their labor, $34 variable overheads, $16 fixed overheads, $14. The fixed overhead absorption rate is based on normal capacity of 1000 and 900 units per month. Let's assume that the same amount is spent each month on fixed overheads. The jet itself. For the next month, our 2000 and 200 unions, we're required to calculate the breaking point in self humans per month. The margin of safety for the next month, the budgeted profit for the next month and the sales required to achieve a profit off $130,000 in a month. Yeah, first, we determined the contribution for a unit as we septum the some off over because per unit from the selling price, we find that the contribution per unit is $70. We have all figures to cooperate, the break even point. First we find the daughter fixed cost as we multiply the fixed overheads per unit by the normal capacity, and after that we divide the result by the contribution per unit. We found that the break even point is 380 units. The next step is to co create the margin of safety. The margin of safety is equal to the units salt subtracted by the break even points. We see that the margin of safety is more than 82%. Once the breaking point has been reached off, the contribution golf towards profit budgeted profit is equal to the margin of safety multiplied by the contribution, we see that the projected profit is 100 27,000 and $400. To achieve the desired level off profit, sufficient units must be sold or in a contribution which covers the fixed cost and please the that profit for the month to find how much in should be company produced until to reach the desired profit with some the daughter fixed cost and the amount of desire profit. And after that, we divide is, um, by the contribution per union to make a profit off $130,000 the company should produce and sell 2237 unions 11. Breakeven point analysis exercise: 12. FIFO: first in First Out is a med it used to press materials or goods issued from in Landry and Tuvalu. Closing in Mandiri first in first out is applicable toe organizations where there are large quantities of elementary involved. It assumes that the Goto materials that right first are the first to be used. This means that issues are pressing the cost of the quality liberally remaining inventory. Of course, Now we're going to look at one basic example. A store sells leatherbacks at the beginning of January. The invented consists of 20 bags bought at a price $45 on the 10th of January. The store makes purchase off 20 your backs at Press, $60 on 28th of January Advice. 30 bucks At price. $75 On 22nd January, the store buys 15 bags at price. $80 and on the 25th of January. The store sales 45 backs. We need to calculate the value of inventory at the end of January and the cost of goods salt during January. The issue on 25th of January will be first issued from the opening in Bantry 20 Reince at price. $45 then 20 units. That process, $2 will be issued from the purchase on the 10th of January, and the last five units will be issued from the purchase on the 20th of January. At press $75. The total cost of goods out is $2475. Cost per one back is equal to total cost of goods out divided by the quantity of good short . We find that the cost per back is $55 units that remain 125 minutes from the second purchase at price. $75 ordered from the last purchase during January 15 bags at Press 80 doors, we multiply 25 bags by $75 at 1000 and 200 doors, the total Barlow off the last purchase. The cost of causing inventory is 3000 and 75 hours 13. Weighted average method: weighted average cost a matted calculates a weighted average cost for all units in inventory. Average cost of him entries. Cocoa like it using a very simple for more cost of data in material well before cell divided by the unions of total inventory available for sale issues are prestigious. Average cost on the balance of invented remaining would have the same unit valuation. The sales don't out of the average cost. Let's take the example with the start that sells leatherbacks from the previous video. In this way, we can compare the cost of causing Landry and the cost of goods sold, calculated on the first year for stuff minded and under weighted average cost mattered. The first thing that we should do is to assume the total cost of opening in Landry and all purchases during January. In this way, we find the cost off auto in country for sale. It is $5550. Next, we should find the number of all backs available for self, and now we divide the daughter Cost of backs a lobo for so by the total number of backs available for sale, we find that the average cost is $65.29. The number of back sold is 45. Wait more supply, 45 bags by the average cost and the result is 2938 doors. The number of backs remaining at the end of January is equal to the total number of backs of elbow for sale, minus the number of back salt. The cost of Cosic inventory is equal to the daughter, units of backs remaining multiplied by the average cost, and we find that the cost. Of course, the inventory is $2611. We see that the cost of goods sold calculated under first year. First out, it's more than the cost of goods sold, calculated under weighted average cost. A matter on about twisting is that the cost of causing inventory calculated under first in First Out, is hard on the cost. Of course, he rent recalculated under weighted average cost medic. The conclusion is when the purchase price is rising. First in first out shows a low cost of goods up, then that weighted average cost matted and first in first out shows higher cost of causing kill landry. The weighted average cost met it 14. Job order costing: every company needs a costing system in this way. The company receives information about the total cost of production and the cost of one unit produced. The costing system is the way of measuring, recording and reporting, appellate court and in days video. We're talking about job or the costume just or the costing issued a bull for companies was production process consists of different and unique products or services. These are companies which produced a wide variety of services or products that are distinct from each other. Consequently, the alteration away of computing and affecting the costs is by order or a by job Job order costing is applicable to companies which built houses, bridges, ships, produced furnitures, fails all print books, invitations, menus and so on to understand the idea of job or the costing deeper. Let's take a cold look at the following example. A printing shop has orders the first in court critical 400 greeting cards and the second printing off 50 porters. To complete the first order, the fully costs are incurred card both in develops, colored ink and elimination to complete the second order. The boy fostering cart, glossy paper and colored ink to compute the cost of one business card and one poster, we need to make individuals records of each order. In this way, we can see the world off all direct and indirect costs related toe each order. After we get the total cost of the order, we should divide the amount by the units produced toe drag off course related to a specific or the job cos you's a job cost sheet. A job cost sheet is a form your toe. Record the costs related to a specific order job and to determine the Tato and unit cost of a completely job or order companies keep a separate job cost sheet for Egypt or order on. This means that if one company has 20 orders moment, it creates 20 job cost sheets. If a company wants to see what costs are spent, toe particle order to be completed. A job cost sheet is the document that shows all this information. The manufacturing court recorded in each job order sheet should be assigned toe working process inventory account. When the order is completed, the company transfers the cost of the order finished goods account and later, when the goods are sold the company transfers their cost toe, go to salt account. A very important role here is when we have costs industry accounts. We make records on the left side of the counts. And when we did it cost from this accounts, we make records on the right side. 15. Process costing: Now we're going to clarify what process costing guess. Process costing is applicable to companies, which produce a large volume of identical or very similar in nature products. Once production begins, it passes two or more stages or departments and continues until the finish product emerge. Process costing is suitable for companies which produce foot, oil, steel or soft drinks such like Pepsi and Coca Cola. By process, costing companies track costs through a serious of connected manufacturing stages or departments, rather than by any video jobs or orders. That's why process costing uses multiple working process accounts one for each department. When a unit goals from one department to another, the costs related to this unit should be transferred from working process account for the previous department working process account for the current department. When the production process in the Purple One begins and the manufacturing costs are incurred, they should be assigned the working process account for department one. After that, the brother goes to department drew then all costs related to this product in curtain department one should be transferred to a work in process account for department, too, and, oh, manufacturing costs incurred in department should be added in this current working process . Account for department, too. After the product is finished, accumulated costs should be assigned from the last working process account the goats finished account and when the products in March these costs should be assigned toe good thought account. 16. Process costing example: we're going toe illustrate the court foreign process costing with the simple and basic example. A company produces chocolates director manufacturing the part months. The first department mixes the main ingredients and shaved the chocolates, and the second department packages the chocolates in the first department. Different direct and indirect costs are incurred. All these costs should be assigned in working process account for the first department. The first department transfers the chocolate to the second department. The daughter manufacturing costs made in the first Department should be transferred out from working process Account for the first department toe work in process account for the second department in the second department. Another direct and indirect costs are incurred, and they should be added to the daughter. Manufacturing cost from the first department that are shown in the working process Account for the second department when the chocolates are ready for sailing. Accumulated cost in manufacturing department should be assigned from working process account from the department toe finished goods account, and when the company sells them. Their cost. Goto good sought account 17. Marginal costing: marginal costing or very bo costing is used to help with short term decision making. It can be used for the purpose of financial accounting. Let's assume that the company wants to understand what they can afford to sell 2000 years of product each month toe a particular client at a discount of 10%. To take the right decision, the company should calculate the brother cost on the marginal, costing on the marginal, costing companies cooperate, marginal cost or their book cost. This is the cost of producing one extra unit of output. Marginal cost. It is, um, of over ball cost of producing a unit of output, and it consists of their own labor. They're up materials and variable production overheads such as electricity for machinery equipment. Marginal court doesn't eat quote fixed production overheads such as the rent off a factory or insurance of machinery equipment. The fixed overheads are treated as period costs. Knowing the marginal cost off a unit of output enables the business to find the contribution provided by each unit. And in total, the contribution is the sales revenue after the marginal brother cost Has Bean paid some part of the contribution is used to cover the period costs. Once this our cover, the reminder of the contribution is a prophet. Now let's see how on marginal costing profit statement looks like when we did that, the verbal caught from the cells revenue, we get the contribution. And when we deduct all fixed costs from the contribution we get the prophet. 18. Marginal costing example: to see how the marginal costing system works. We're going to quantify the link. Example. A company makes 100 tables each week. Each table requires seven kilograms of old at four doors per kilogram, five hours of labor at $5 per hour and bearable production overheads off afterwards. Per unit. The selling price of each table is $150 and the company sells OH produced tables. There are fixed selling cost of $500 per week on fixed production overhead off $200 per week were asked to find the doctor contribution and the daughter profit each week. First, we're going to calculate the marginal cost. Marginal cost in coach all verbal production costs. There are materials, direct labour and variable production overheads material. Copper. One table is equal to $21. We multiply seven kilograms by four. Doors were killed. Graham. They're a label for one table is equal to $25. We multiply five hours by $5 per hour and they're both. Production Overheads are equal to $5 per unit. No, with, um, the treaty variable costs per unit and we find that the marginal cost of one table is $51. To calculate the contribution for one table, we need to detect the marginal cost from the selling price. We find that the contribution Juan Tabo is $99. The next very important point is to prepare a marginal, costing profit statement. The first thing that the statement shows is the self revenue. We get the sales revenue as we multiply, the number of units sold and the selling price of one table. We find that the sales revenue is 15,000 doors. After that, we need to calculate the total marginal cost off all produced and salt tables. This happens as we multiply the marginal cost, but one table by the number off also tables. We have already calculated the marginal cost, but one table $51 and we know that the number off all felt tables is 100. The daughter Marjan caused is 5000 and $100. The third step is to calculate the contribution of 100 table thought For this purpose. We deduct the daughter Marjan, cost from the sales revenue. We find that the contribution off 100 table salt is 9000 and $900. Now 700 doors from the contribution need to cover the fixed costs. That's why we subtract the amount of the fixed coat from the amount off the contribution, and we see that the Majin marginal costing profit statement shows a profit off 9000 and $200 a week. 19. Absorption costing: Let's assume that the company wants to understand what profit it has my during the year and compared this profit with that from the previous year or purpose like this, the company should calculate the inventory. Causton profit on the absorption costing on the absorption costing companies calculate absorption cost, which is full production cost. It is the system of over a bowl production costs and fixed production overheads. This means that the fixed production overheads are treated as credit costs. The absorption cost includes they're up labor. There are materials available production overheads such as electricity for machinery, equipment and fixed production overheads. Such a strength off a factory or insurance of machinery equipment. Knowing the absorption cost of the output enables the business to find the gross profit. The gross profit is the sales revenue after the food production costs had been paid. Some part of the gross profit is used to cover the period costs. Once this are covered, the reminder of the gross profit is a net profit. Now let's see how on absorption costing income statement looks like When we did that the full production got from themselves. Revenue would get the gross profit and when we did that all fixed and variable selling expenses and administration expenses from the gross profit we get the net profit. 20. Absorption costing example: to see how the absorption costing system works. Let's take the example from the previous video. In this video, we're asked to find the cross profit and the net profit each week. The main difference between marginal quality and absorption karting is that, and imagine, according the fixed production overheads are period costs and under absorption, costing their product costs. Here we should calculate ah, full production cost or absorption cost, which includes all. They're both production costs and fixed production overheads. We have already found in the previous video that the dot over because of 100 tables, is 5000 and $100. We at the $100 fixed production overheads and we get that the absorption cost is 5000 and $300. Now we're going to prepare the absorption costing profit statement. The first thing that the Stedman chefs is the sales revenue. We have already found that the sales revenue is $15,000. The second bond is the food production cost of also units, which we have calculated at the beginning of this video, 5000 and $300. The third step is to calculate the gross profit off 100 table thought for this purpose. We deduct the full production cost from the South revenue. We find that the gross profit is 9000 and $700 and now $500 from the gross profit should cover the period costs. That's why we subtract the month off the period costs from the amount off the gross profit . The absorption accounting profit statement shows the profit after 9000 and $200 per week. 21. Marginal costing and absorption costing exercise: 22. Predetermined overhead rate: the unit cost of materials and labor can be easily calculated because they can be measured . It is the overheads that make the real difficulty. Just imagine that the fact replaced $50,000 per year for machinery with month insurance. How can we find what part of this insurance should be included in the cost of H Union for allocation of overheads. Companies use predetermined absorption rate. It is equal to the total estimated overheads divided by the estimated level of activity. The level of activity can be measured not only physical units, but in labor. I was worked or machine I was operated as you help. The choice of measure of the activity level should reflect the nature of the work involved . After the predetermined absorption rate is calculated. Overheads are charged to the individual product depending on how much unit allocation based each product takes to be made. And now let's take a closer look at the following example. The overheads in the machine department are estimated at $35,000. The total machine hours making this department are expected to be 50,000 and a particle court unit is expected to take three machine hours the overheads in the assembly department are estimated at $40,000. The total labour might in this department is expected to be 20,000. Ah particle court unit is expected to take four labour hours. We should find how many overhead are observed by cost unit. First, we divide the daughter projected overhead in the machining department by the appropriate allocation base. In this case, the estimated number of machine hours the pretty termed absorption rate in the machinery department is equal to 70 cent. Next we multiply the fugitive machine hours taken per unit by the predetermined absorption rate from machine Our. After that, we divide the total estimated overheads in the Assembly Department by the appropriate allocation base. In this case, the projected number of labour hours the pretty termed absorption rate in the athletic department is equal to $2. Now we multiply the expected time taken per unit by the pretty termed absorption it per labor hour and at the end to get great the overheads that are assigned to a finish unit. We need to some the over heads per unit of each department, and we have a resolute off then door and then sent 23. Overhead absorption rate example: the cost per unit is normally calculated in advance, using estimated or projected figures at the end of the period there, compared with the actual figures for overheads and level of activity. If their differences between estimated and thrill over heads up top we're talking about on the absorption are over absorption of overheads. If the amount observed exceeds the amount incurred then on over, absorption arises. If the amount absorbed is lower than the amount incurred then on the absorption arises. It is very porter for business to know where on over absorption and under absorption should be shown in the absorption costing profit statement. When the overheads have bean under absorb, the difference between observed and incurred overheads should be added to develop good salt . When the over hex has bean over absorbed, the difference between observed and incurred overheads should be deducted from the value of goods out. Now, please take all your attention to the following example. A company expects 50,000 working hours per month and fifth production overheads off $280,000. You didn't July. The actual hours worked are 48,000 and the actual fixed production overheads are $285,000. We should calculate they overhead absorption rate per hour and the amount of any over or under absorption are fixed overheads. In July, overhead absorption rate is equal. Toby jetted total fixed overheads divided by budgeted allocation base. In this case, working hours, we find that the overhead absorption rate is $5.60. Next, we need to find the amount absorbed as we multiply the actual level of activity by the overhead absorption rate, we find that the amount observed is 200 68,000 and $800 but we see that the active follow fixed overheads is $285,000. The actual fixed overheads in court are with $60,200 more than the fixed overheads observed . This means that the cost of goat is under observed and it should be increased with 60,000 and $200 in the profit statement, 24. Under absorption or over absorption of overheads exercise: