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Hello. You were great at helping me during my class in May 2016. I am currently enrolled in Accounting 202 - Managerial Accounting Funds, Instructor
Hello. You were great at helping me during my class in May 2016. I am currently enrolled in Accounting 202 - Managerial Accounting Funds, Instructor Jess Stern. The homework is pretty intense. I would love your help on the assignments this month.
Attached is a copy of word document from www.myBusinessCourse.com website that we have to use to submit our homework. The question is: Determine and Use Overhead Rate
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 31,500 Februar y credits 113,000 February 104,000 debits Manufacturing Overhead February 137,200 debits Feb. 1 balance 11,600 Februar y credits 136,350 Work in Process Inventory Feb. 1 balance 22,400 Februar y credits 345,000 February debits: Direct material Direct Labor 95,000 151,500 Man. 136,350 overhead Wages Payable February 193,500 debits Feb. 1 balance 45,000 Februar y credits 177,000 Finished Goods Inventory Feb. 1 balance 76,500 Februar y credits 383,700 February 345,000 debits 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 Answer (Over or Under 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 Answer (Over or Under Applied) 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: ____________ by Answer $Step by Step Solution
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