XYZ Company produces high-quality widgets. Three raw materials are converted into the finished product by two labor groups. Manufacturing overhead is applied to finished units based on direct labor hours. The following standards have been established for each widget produced:   Raw material #1 50 lbs. @ $6.50/lb Raw material #2 24 ft. @ $4.75/ft Raw material #3 1 container @ $16.00 Labor group #1 3 hrs @ $20.00/hr Labor group #2 1.5 hrs @ $30.00/hr Manufacturing overhead $20.00/dhr       Calculate the standard cost of producing 400 high-quality widgets.

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Q: Accounting Question

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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.