26. Which of the following statements is true regarding how cost of goods sold is determined under the perpetual inventory system using LIFO? a. The units sold are multiplied by the first costs in inventory. b. The units sold are multiplied by the last costs in inventory. c. Multiply the units in ending inventory by the last costs in inventory. This amount is subtracted from cost of goods available for sale. d. The cost of goods available for sale is divided by total units to get an average cost which is multiplied by units sold.

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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.