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Determine and Use Overhead Rate The following selected ledger accounts of Cameron Company are for February...


Determine and Use Overhead Rate The following selected ledger accounts of Cameron Company are for February (the second month
a. Determine the amount of indirect material requisitioned for production during February $ b. How much indirect labor cost w
SI f. What is the cost of production completed in February? $ What is the cost of goods sold in February? $ Check
Determine and Use Overhead Rate The following selected ledger accounts of Cameron Company are for February (the second month of its accounting year): Materials Inventory Feb. 1 balance 94,500 February credits 339,000 February debits 312,000 Manufacturing Overhead February debits 411,600 Feb. 1 balance 34,800 February credits 409,050 Work in Process Inventory Feb. 1 balance 67,200 February credits 1,035,000 February debits: Direct material 285,000 Direct Labor 454,500 Man, overhead 409,050 Wages Payable February debits 580,500 Feb. 1 balance 135,000 February credits 531,000 Finished Goods Inventory Feb. 1 balance 229,500 February credits 1,151,100 February debits 1,035,000
a. Determine the amount of indirect material 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? 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.
SI f. What is the cost of production completed in February? $ What is the cost of goods sold in February? $ Check
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Answer #1
a. Indirect Material requisitioned $54,000
(339,000 - 285,000)
b. Indirect Labor incurred $76,500
(531,000 - 454,500)
c. Manufacturing overhead rate 90.00%
(409,050/454,500)
d. Under-applied by $2,500
(411,600 - 409,050)
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