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Author Question: When auditing manufacturing overhead costs assigned to inventory, auditors should keep in mind that (Read 69 times)

dhsndn

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on: Aug 21, 2022
When auditing manufacturing overhead costs assigned to inventory, auditors should keep in mind that
◦ GAAP has strict procedures that must be followed when assigning overhead to work-in-process inventory.
◦ overhead costs must be allocated to raw materials, work-in-process, and finished goods inventory.
◦ management typically allocates overhead using total direct labor dollars as the basis for the allocation.
◦ determining the reasonableness of the allocation method is relatively simple for work-in-process inventory.
Auditing and Assurance Services ¦ Arens, Elder, Beasley, Hogan ¦ 17th Edition
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Marked as best answer by dhsndn on Aug 21, 2022

mamboz

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Reply #1 on: Aug 21, 2022
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dhsndn

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Reply 2 on: Aug 21, 2022
Thanks for the timely response, appreciate it

dreamfighter72

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Reply 3 on: Yesterday
Wow, this really help

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