a. Describe the flow of costs through a product costing system. What specific accounts are involved and how are they used? b. When a single volume based cost driver is used to apply manufacturing overhead, what is the managerial accountant's primary objective in selecting the cost driver? c. Assume Kardan university has decided to replace all professors with teaching robots. How might this switch impact on the university's choice of cost driver as the basis for overhead application? Explain.

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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.