y, Econo Company purchased materials costing $16,400 and incurred direct labor costs of $27,000. Overhead totaled $32,700 for the month. Information on inventories was as follows: July 1 July 31 Materials $4,500 $5,200 Work in process $ 700 $1,200 Finished goods $3,100 $2,700 What were the total manufacturing costs in July?

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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.