The company uses perpetual inventory and the moving average cost flow assumption. Orange Ltd had five units of the product Apple on hand at 1 May 2022. The following purchases and sales were made during May: i. What was the dollar value of cost of goods sold of Apples?  ii. What is the dollar balance of inventory as at 31 May 2022?

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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.