Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Partially completed T-accounts and additional information for Pine Ridge Corporation for the month of February follow. Materials Inventory Work-In-Process Inventory BB (2/1) 57,700 227,400
Partially completed T-accounts and additional information for Pine Ridge Corporation for the month of February follow. Materials Inventory Work-In-Process Inventory BB (2/1) 57,700 227,400 189,800 BB (2/1) Labor 100,500 187,400 Finished Goods Inventory BB (2/1) 200,400 345,400 249,800 Cost of Goods Sold Manufacturing Overhead Control Applied Manufacturing Overhead 156,500 142,424 Additional information for February follows: Labor wage rate was $29 per hour. During the month, sales revenue was $600,700, and selling and administrative costs were $103,100. 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? b. What was the over- or underapplied manufacturing overhead for February? c. What was the manufacturing overhead application rate in February? d. What was the cost of products completed during February? e. What was the balance of the Work-in-Process Inventory account at the end of February? f. What was the operating profit for February? Any over- or underapplied overhead is written off to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Required F What was the manufacturing overhead application rate in February? Manufacturing overhead % < Required B Required D >
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started