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COMPREHENSIVE ASSIGNMENT PROBLEM #1 (30 points) The following information pertain to PRRD Company. On January 31, 20x1, Job #801 was the only job in process
COMPREHENSIVE ASSIGNMENT PROBLEM #1 (30 points) The following information pertain to PRRD Company. On January 31, 20x1, Job #801 was the only job in process with accumulated costs of: Direct materials $2,000 Direct manufacturing labor 1,000 Manufacturing overhead 1.000 Total $4,000 During February, Job #802 and Job #803 were started and the following costs were added: Job #801 Job #802 Job #803 Direct materials $4,000 $5,000 $6,000 Direct manufacturing labor 1,000 2,000 3,000 Manufacturing overhead 2.000 3.000 4.000 $7,000 $10.000 $13,000 Total On February 28, 20x1: Job #801 was completed and sold for $20,000. Job #802 was completed but not sold. Job #803 remains in production. Required: Using the above information, determine the following amounts: a. Work-in-process inventory on February 1, 20x1. b. Work-in-process inventory on February 28, 20x1. C. Finished goods inventory on February 28, 20x1. d. Cost of goods manufactured for February. e Cost of goods sold for February f. Gross margin for February
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