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Partially completed T-accounts and additional information for Dumfries Designs for the month of August follow: Materials Inventory Work-in-Process Inventory Finished Goods Inventory Debit Credit
Partially completed T-accounts and additional information for Dumfries Designs for the month of August follow: Materials Inventory Work-in-Process Inventory Finished Goods Inventory Debit Credit Debit BB (8/1) 166,200 683,200 Credit Debit BB (8/1) 611,200 308,200 Labor 700,400 Credit BB (8/1) 590,200 964,800 778,700 Cost of Goods Sold Debit Credit Manufacturing Overhead Control Debit Credit Applied Manufacturing Overhead Debit Credit 586,020 576,800 Additional information for August follows: The labor wage rate was $34 per hour. During the month, sales revenue was $1,742,000, and selling and administrative costs were $325,800. . This company has no indirect materials or supplies. The company applies manufacturing overhead on the basis of direct labor-hours. Required: a. What was the cost of direct materials issued to production during August? b. What was the over- or underapplied manufacturing overhead for August? c. What was the manufacturing overhead application rate in August? d. What was the cost of products completed during August? e. What was the balance of the Work-in-Process Inventory account at the end of August? f. What was the operating profit for August? Any over- or underapplied overhead is written off to Cost of Goods Sold.
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