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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 February
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 50,400 166,400 $0 Manufacturing Overhead 219,520 Feb. 1 balance February credits February credits Work in Process Inventory 35,840 152,000 242,400 218,160 309,600 February credits Wages Payable Feb. 1 balance February credits Finished Goods Inventory 122,400 552,000 February credits 180,800 18,560 218,160 552,000 72,000 283,200 613,920 a. Determine the amount of indirect material requisitioned for production during February. $0 b. How much indirect labor cost was apparently incurred during February? c. Calculate the manufacturing overhead rate based on direct labor cost. % d. Was manufacturing overhead for February under- or overapplied, and by what amount? Manufacturing overhead was by $ for February. e. Was manufacturing overhead for the first two months of the year under- or overapplied, and by what amount? Manufacturing overhead was + by $ for the first two months. f. What is the cost of production completed in February? g. What is the cost of goods sold in February?
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