Cost of Goods Manufactured for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter. Work in process inventory, August 1 $3,600   $29,900   (e) Total manufacturing costs incurred during August 23,800   (c)   175,500 Total manufacturing costs (a)   $349,800   $190,500 Work in process inventory, August 31 5,200   73,500   (f) Cost of goods manufactured (b)   (d)   $160,000

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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.