The following information was collected from Balatas Hercules' accounting records for the year that ends on December 31, 20XX: Jan/1/20XX 31/Dec/20XX Inventory of raw materials $98000 $84000 Inventory of products-in-process $56000 $97000 Finished product inventory $42000 $105000 Direct labor: $370000 Income taxes: $301700 Indirect labor: $235140 Sales commissions: $250000 Purchases of raw materials: $842350 Factory Utilities: $152000 Advertising expenses: $68000 Factory depreciation: $521400 Factory equipment maintenance: $70120 Balatas Hercules uses a normal costing system. In the current period, Overhead costs were applied to products at a rate of $3 for each $ loaded with direct labor. The data are presented for the purpose of calculating the following information: a) Statement of cost of production and sales for 20XX. b) Difference between the Real Overhead Costs and the applied Overhead Costs, determining if there is an under or overapplication

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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.