Explain Overhead cost
Give a brief introduction of the term ‘Overhead cost’? And also write down its various ways to classify it?
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Overhead Cost is the sum total of all indirect costs that consists of indirect material cost, indirect labor cost, and indirect expenditures. These costs are termed as indirect costs as they can’t be featured to any particular business activity. Example: insurance, Rent and so on. The various means in that the overheads can be classified are illustrated below: Element wise Classification:
i) Indirect labor ii) Indirect material iii) Indirect expenditures Function wise:
i) Administration Overheads ii) Factory Overheads iii) Selling and Distribution Overheads
Variability wise:
i) Variable Overheads ii) Fixed Overheads iii) Semi-Variable Overheads Controllability wise:
i) Uncontrollable Overheads ii) Controllable Overheads Normality wise:
i) Abnormal Overheads ii) Normal Overheads
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