Under absorption and over absorption of factory overheads assignment help

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What is under absorption and over absorption of overhead?

 

Generally overheads are absorbed on the basis of predetermined rates. Since predetermined overhead rates are based on budgeted overheads and budgeted production, invariably the overheads absorbed by this process do not agree with the actual overheads incurred for the period.
 

If the absorbed overheads at predetermined rates are greater than actual overheads, this is known as OVER-ABSORPTION. Conversely, if absorbed overheads are less than the actual overheads, this is known as UNDER-ABSORPTION

 

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Treatment of Over or Under-absorbed Overhead in Cost Accounts

     

  • There are three different ways, the treatment of over or under-absorbed overhead may be done

 

(1) To the next period’s account, the amount may be carried forward.

(2) To costing profit & loss account, the sum may be written off.

(3) To the production, a supplementary rate may be worked out & applied.

Situation where over a long time, the normal business cycle extends, the first method may be used. Since this approach ignores matching of cost, this could not be used extensively in normal conditions. However if in a situation, such carry forward is acceptable by circumstances, under or over-absorbed overhead, so that the same can be carried forward to the next period for the purpose of absorption, should be transferred to a reserve or suspense account.
 

In cases, where the amount of over or under-absorption is insignificant, the second should be applied, so that without disturbing the cost of production, to the profit & loss account, this small amount is written off.
 

The third option can be applied in cases where (a) a serious mistake in the estimation of overhead, (b) Mistake in the evaluation of the base of the rate of recovery, (c) a serious mistake while calculating the recovery rate, (d) a huge change in the production method, (e) a considerable change in the activity level etc., the considerable amount of over or under-absorption is involved. Under this method, the adjustment of amount of over or under-absorbed overhead is done through supplementary rates to the work-in-progress values, finished goods which have not been sold & factory cost of sales (i.e. work completed & sold).
 

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