The following selected ledger accounts of Cameron Company are for February (the second month of its...
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The following selected ledger accounts of Cameron Company are for February (the second month of its accounting year): Materials Inventory Feb. 1 balance February debits February debits Feb. 1 balance February debits: Direct material Direct Labor Man. overhead February debits Feb. 1 balance February debits 50,400 166,400 $0 Manufacturing Overhead 219,520 Feb. 1 balance February credits February credits Work in Process Inventory 35,840 152,000 242,400 218,160 309,600 February credits Wages Payable Feb. 1 balance February credits Finished Goods Inventory 122,400 552,000 February credits 180,800 18,560 218,160 552,000 72,000 283,200 613,920 a. Determine the amount of indirect material requisitioned for production during February. $0 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? Manufacturing overhead was by $ for February. e. Was manufacturing overhead for the first two months of the year under- or overapplied, and by what amount? Manufacturing overhead was + by $ for the first two months. f. What is the cost of production completed in February? g. What is the cost of goods sold in February? The following selected ledger accounts of Cameron Company are for February (the second month of its accounting year): Materials Inventory Feb. 1 balance February debits February debits Feb. 1 balance February debits: Direct material Direct Labor Man. overhead February debits Feb. 1 balance February debits 50,400 166,400 $0 Manufacturing Overhead 219,520 Feb. 1 balance February credits February credits Work in Process Inventory 35,840 152,000 242,400 218,160 309,600 February credits Wages Payable Feb. 1 balance February credits Finished Goods Inventory 122,400 552,000 February credits 180,800 18,560 218,160 552,000 72,000 283,200 613,920 a. Determine the amount of indirect material requisitioned for production during February. $0 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? Manufacturing overhead was by $ for February. e. Was manufacturing overhead for the first two months of the year under- or overapplied, and by what amount? Manufacturing overhead was + by $ for the first two months. f. What is the cost of production completed in February? g. What is the cost of goods sold in February?
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Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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