Determine and Use Manufacturing Overhead Rate The following selected ledger accounts of the Lakewood Manufacturing Company are for May (the fifth month of its accounting year): Material Inventory 40,000 May credits 145,000 125,000 May 1 balance May debits May debits May 1 balance May debits: May debits $ Factory Overhead 160,000 May 1 balance 14,000 May credits 171,000 Work in Process Inventory Direct material Direct labor Man, overhead $ 28,000 May credits 480,000 % 129,000 180,000 171,000 Factory Payroll Payable 200,000 May 1 balance 50,000 May 1 balance 102,000 May credits 500,000 480,000 May debits a. Determine the amount of indirect material requisitioned for production during May. May credits 196,000 Finished Goods Inventory b. How much indirect labor cost was apparently incurred during May? c. Calculate the manufacturing overhead rate based on direct labor cost. d. Was manufacturing overhead for May under- or over-applied, and by what amount? Manufacturing overhead was = by $ for May. e. Was manufacturing overhead for the first five months of the year under- or over-applied, and by what amount? Manufacturing overhead was by $ for the first five months. f. What is the cost of production completed in May?

Determine and Use Manufacturing Overhead Rate The folewirg celected ledeer acecunts of the Lakeweod Manufacturing Campary are for May the fht morith of its acrounting yearx f. What is the cost of production completed in May? g. What is the cost of goods sold in May