The following selected ledger accounts of Cameron Company are for February (the second month of its accounting year): Materials Inventory Feb. 1 balance 113,400 February credits 406,800 February debits 374,400 Manufacturing Overhead February debits 493,920 Feb. 1 balance 41,760 February credits 490,860 Work in Process Inventory Feb. 1 balance 80,640 February credits 1,242,000 February debits: Direct material 342,000 Direct Labor 545,400 Man. overhead 490,860 Wages Payable February debits 696,600 Feb. 1 balance 162,000 February credits 637,200 Finished Goods Inventory Feb. 1 balance 275,400 February credits 1,381,320 February debits 1,242,000 a. Determine the amount of indirect material requisitioned for production during February. $Answer b. How much indirect labor cost was apparently incurred during February? $Answer c. Calculate the manufacturing overhead rate based on direct labor cost. Answer% d. Was manufacturing overhead for February under- or overapplied, and by what amount? Manufacturing overhead was Answerover-appliedunder-applied by $Answer for February. e. Was manufacturing overhead for the first two months of the year under- or overapplied, and by what amount? Manufacturing overhead was Answerover-appliedunder-applied by $Answer for the first two months. f. What is the cost of production completed in February? $Answer g. What is the cost of goods sold in February? $Answer

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

Materials Inventory
Feb. 1 balance	113,400	February credits	406,800
February debits	374,400
Manufacturing Overhead
February debits	493,920	Feb. 1 balance	41,760
		February credits	490,860
Work in Process Inventory
Feb. 1 balance	80,640	February credits	1,242,000
February debits:
Direct material	342,000
Direct Labor	545,400
Man. overhead	490,860
Wages Payable
February debits	696,600	Feb. 1 balance	162,000
		February credits	637,200
Finished Goods Inventory
Feb. 1 balance	275,400	February credits	1,381,320
February debits	1,242,000

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

$Answer

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

$Answer

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

Answer%

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

Manufacturing overhead was Answerover-appliedunder-applied by $Answer for February.

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

Manufacturing overhead was Answerover-appliedunder-applied by $Answer for the first two months.

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

$Answer

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

$Answer

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