When auditing manufacturing overhead costs assigned to inventory, ...

[dhsndn]

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.

[mamboz]

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[dhsndn]

TYSM

[ecabral0]

Thanks for the timely response, appreciate it