An often less utilized financial statement, the statement of comprehensive income summarizes standard net income while also incorporating changes in other comprehensive income (OCI). Other comprehensive income includes all unrealized gains and losses that are not reported on the income statement. The cash flow statement reconciles the income statement with the balance sheet in three…
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Variances can be calculated for actual versus budgeted or forecasted results. The formula for the predetermined overhead rate is purely based on estimates. Hence, the overhead incurred in the actual production process will differ from this estimate. A predetermined overhead rate is an allocation rate given for indirect manufacturing costs that are involved in the…