Determine and Use Overhead Rate The following selected ledger accounts of Cameron Company are for February (the second month of its accounting year):

Required

a. Determine the amount of indirect materials requisitioned for production during February.

b. How much indirect labor cost was apparently incurred during February?

c. Calculate the manufacturing overhead rate based on direct labor cost.

d. Was manufacturing overhead for February under- or overapplied, and by what amount?

e. Was manufacturing overhead for the first two months of the year under- or overapplied, and by what amount?

f. What is the cost of production completed in February?

g. What is the cost of goods sold in February?

Transcribed Image Text:

MATERIALS INVENTORY Feb. 1 balance February debits 31,500 February credits 104,000 105,000 MANUFACTURING OVERHEAD February debits 163,350 Feb. 1 balance 11,600 February credits 166,650 WORK-IN-PROCESS INVENTORY Feb. 1 balance 22,400 February credits 375,000 February debits: Direct materials 95,000 Direct labor 151,500 Manufacturing overhead 166,650 continued