Exercise 7-26 Assigning Costs to Jobs (LO 7-1, 2) Partially completed T-accounts and additional information for Pine Ridge Corporation for the month of February follow: Materials Inventory Work-In-Process Inventory Finished Goods Inventory 200,000 345,000 Applied Manufacturing Overhead 2/1) 2/1) 56,000 100,000 B 2/1) Labor 187,500 190,000 251,000 227,000 Cost of Goods Sold Manufacturing Overhead Control 155,000 150,000 Additional information for February follows: Labor wage rate was $25 per hour During the month, sales revenue was $600,000, and selling and administrative costs were $105,000 This company has no indirect materials or supplies. The company applies manufacturing overhead on the basis of direct labor costs. Required: a. What was the cost of direct materials issued to production during February? Direct materials b. What was the over- or underapplied manufacturing overhead for February? manufacturing overhead c. What was the manufacturing overhead application rate in February? % Manufacturing overhead d. What was the cost of products completed during February? Cost of products completed e. What was the balance of the Work-in-Process Inventory account at the end of February? Ending balance f. What was the operating profit for February? Operating profit