The following selected ledger accounts of Cameron Company are for February (the second month of its accounting year):Materials InventoryFeb. 1 balance113,400February credits406,800February debits374,400Manufacturing OverheadFebruary debits493,920Feb. 1 balance41,760February creditsWork in Process Inventory490,860Feb. 1 balance80,640February credits1,242,000February debits:Direct material342,000Direct Labor545,400Man, overhead490,860Wages PayableFebruary debits696,600Feb. 1 balance162,000February creditsFinished Goods Inventory637,200Feb. 1 balance275,400February credits1,381,320February debits1,242,000 d. Was manufacturing overhead for February under- or overapplied, and by what amount?Manufacturing overhead was+ by $ 0for February.e. Was manufacturing overhead for the first two months of the year under- or overapplied, and by what amount?Manufacturing overhead was* by $ 0for the first two months.f. What is the cost of production completed in February?$ 0g. What is the cost of goods sold in February?

Name: The following selected ledger accounts of Cameron Company are for Feb
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: The following selected ledger accounts of Cameron Company are for February (the second month of its accounting year):Materials InventoryFeb. 1 balance113,400February credits406,800February debits374,400Manufacturing OverheadFebruary debits493,920Feb

Manufacturing Overhead:-It is an indirect cost incurred during the production process. It includes…

Business

Accounting

d. Was manufacturing overhead for February under- or overapplied, and by what amount? Manufacturing overhead was * by $ 0 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 $ 0 for the first two months. f. What is the cost of production completed in February? $ 0 g. What is the cost of goods sold in February? $ 0

d. Was manufacturing overhead for February under- or overapplied, and by what amount? Manufacturing overhead was * by $ 0 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 $ 0 for the first two months. f. What is the cost of production completed in February? $ 0 g. What is the cost of goods sold in February? $ 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The related data of Mireia Company: Cost of goods sold P1,687,800 Estimated overhead cost 2,000,000 Estimated direct labor hours 100,000 Actual overhead cost 1,789,300 Actual direct labor hours 87,100 Factory overhead is based on direct labor hours. How much is the adjusted cost of goods sold?
5
Gurtner Corporation has provided the following data concerning last month’s operations. Cost of goods manufactured $170,000 Underapplied overhead $ 4,000 Beginning Ending Finished goods inventory $33,000 $40,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold? Multiple Choice A. $170,000 B. $167,000 C. $203,000 D. $163,000
1. Cabaret Corporation produces a single product. Data concerning the company's operations last year appear below: Units in beginning inventory... Units produced. Units sold....... Selling price per unit.. Variable costs per unit: Direct materials. Direct labor. Variable manufacturing overhead.. Variable selling and administrative. Fixed costs in total: Fixed manufacturing overhead... Fixed selling and administrative... Assume direct labor is a variable cost. 10,000 9,000 $60 $15 $5 $2 $4 $200,00 0 $70,000 Required: a. Compute the unit product cost under both absorption and variable costing. b. Prepare an income statement for the year using absorption costing. c. Prepare an income statement for the year using variable costing. d. Prepare a report reconciling the difference in net operating income between absorption and variable costing for the year.
don't give answer in image format
17. The following information is available for electricity costs for the last six months of the year: Month Volume Costs July 2,800 4.400 August 5,600 10,800 September 6,400 11,400 October 3.500 7,800 November 2,400 4,800 December 4,200 8,100 Using the high-low method, what is the fixed costs?
how do you define prime costs? conversion costs? The following costs were incurred in July: Direct Materials $39,500 Direct Labor $30, 400 Manufacturing Overhead $28, 900 Selling Expenses $26, 500 Administrative Expenses $35, 800 What are total conversion costs during the month of July?
20. Modern Manufacturing shows cost of goods sold for the month of March was 180,000. The finished goods inventory was 30,000 on March 1 and 35,000 on March 31. Beginning and ending inventory work in process inventories were 40,000 and 50,000 respectively. What was the cost of goods manufactured during March? A. 180,000 B. 195,000 C. 175,000 D. 185,000
21 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 123 4. 5678 1. Kalbach Corporation, a manufacturing company, has provided the following financial data for November. The company had no beginning or ending inventories. The contribution margin for November was: Sales $440.000 $60.000 Variable production expense. Variable selling expense Variable administrative expense . Fixed production expense . Fixed selling expense Fixed administrative expense... $21.000 $49,000 $95.000 $86.000 $93.000 a. $36,000 b. $285,000 c. $166,000 d. $310,000 I 000
A company’s standard product cost is $9 per unit. Actual production costs were $11 per unit. The firm made 20 units and sold 17 units. The firm’s cost of goods sold was Select one: a. $220. b. $187 c. $153 d. $180
3. Prepare a variable-costing income statement for Pattison Products, Inc., for the month of October. 4. What if November production was 48,000 units, costs were stable, and sales were 49,000 units? What is the cost of ending inventory? If an amount is zero, enter "0". 5. What is operating income for November?
3