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Materials Inventory 63,000 208,000 February credits Manufacturing Overhead Feb. 1 balance 274.400 22

Materials Inventory 63,000 208,000 February credits Manufacturing Overhead Feb. 1 balance 274.400 22

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 February debits February debits Feb. 1 balance February debits: Direct material Direct Labor Man. overhead February debits Feb. 1 balance February debits $0 $0 0 X $0 * % 63,000 208,000 $0 Manufacturing Overhead Feb. 1 balance February credits 274,400 Check X February credits Work in Process Inventory 44,800 190,000 303,000 272,700 x 387,000 February credits Wages Payable a. Determine the amount of indirect material requisitioned for production during February. Feb. 1 balance February credits b. How much indirect labor cost was apparently incurred during February? Finished Goods Inventory 153,000 690,000 February credits C. Calculate the manufacturing overhead rate based on direct labor cost. 226,000 23,200 272,700 g. What is the cost of goods sold in February? 690,000 d. Was manufacturing overhead for February under- or overapplied, and by what amount? Manufacturing overhead was under-applied by $ 0 x for February. 90,000 354,000 e. Was manufacturing overhead for the first two months of the year under- or overapplied, and by what amount? Manufacturing overhead was over-applied ✔ by $ 0 f. What is the cost of production completed in February? 767.400 x for the first two months.
Transcribed Image Text: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 February debits February debits Feb. 1 balance February debits: Direct material Direct Labor Man. overhead February debits Feb. 1 balance February debits $0 $0 0 X $0 * % 63,000 208,000 $0 Manufacturing Overhead Feb. 1 balance February credits 274,400 Check X February credits Work in Process Inventory 44,800 190,000 303,000 272,700 x 387,000 February credits Wages Payable a. Determine the amount of indirect material requisitioned for production during February. Feb. 1 balance February credits b. How much indirect labor cost was apparently incurred during February? Finished Goods Inventory 153,000 690,000 February credits C. Calculate the manufacturing overhead rate based on direct labor cost. 226,000 23,200 272,700 g. What is the cost of goods sold in February? 690,000 d. Was manufacturing overhead for February under- or overapplied, and by what amount? Manufacturing overhead was under-applied by $ 0 x for February. 90,000 354,000 e. Was manufacturing overhead for the first two months of the year under- or overapplied, and by what amount? Manufacturing overhead was over-applied ✔ by $ 0 f. What is the cost of production completed in February? 767.400 x for the first two months.
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