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When auditing manufacturing overhead costs assigned to inventory, auditors should keep in mind that

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When auditing manufacturing overhead costs assigned to inventory, auditors should keep in mind that

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.

Textbook

Auditing and Assurance Services

Edition: 17^th

Authors: Arens, Elder, Beasley, Hogan

Read 36 times

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