Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Partially completed T-accounts and additional information for Pine Ridge Corporation for the month of February follow. BB (2/1) Materials Inventory 56,400 228,900 189,500 Cost of

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Partially completed T-accounts and additional information for Pine Ridge Corporation for the month of February follow. BB (2/1) Materials Inventory 56,400 228,900 189,500 Cost of Goods Sold Work-In-Process Inventory BB (2/1) 101, 100 Labor 187,200 Manufacturing Overhead Control 155,500 Finished Goods Inventory BB (2/1) 201,200 346,500 250,700 Applied Manufacturing Overhead 134,784 Additional information for February follows: Labor wage rate was $29 per hour. During the month, sales revenue was $601,400, and selling and administrative costs were $103,400. 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 cost of direct materials issued to production during February? Direct materials Required A Required B > Partially completed T-accounts and additional information for Pine Ridge Corporation for the month of February follow. BB (2/1) Materials Inventory 56,400 228,900 189,500 Cost of Goods Sold Work-In-Process Inventory BB (2/1) 101, 100 Labor 187,200 Manufacturing Overhead Control 155,500 Finished Goods Inventory BB (2/1) 201,200 346,500 250,700 Applied Manufacturing Overhead 134,784 Additional information for February follows: Labor wage rate was $29 per hour. . During the month, sales revenue was $601,400, and selling and administrative costs were $103,400. 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 over- or underapplied manufacturing overhead for February? manufacturing overhead Partially completed T-accounts and additional information for Pine Ridge Corporation for the month of February follow. BB (2/1) Materials Inventory 56,400 228,900 189,500 Cost of Goods Sold Work-In-Process Inventory BB (2/1) 101, 100 Labor 187,200 Manufacturing Overhead Control 155,500 Finished Goods Inventory BB (2/1) 201,200 346,500 250, 700 Applied Manufacturing Overhead 134,784 Additional information for February follows: Labor wage rate was $29 per hour. During the month, sales revenue was $601,400, and selling and administrative costs were $103,400. . 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 % Partially completed T-accounts and additional information for Pine Ridge Corporation for the month of February follow. BB (2/1) Materials Inventory 56,400 228,900 189,500 Cost of Goods Sold Work-In-Process Inventory BB (2/1) 101,100 Labor 187,200 Manufacturing Overhead Control 155,500 Finished Goods Inventory BB (2/1) 201,200 346,500 250,700 Applied Manufacturing Overhead 134,784 Additional information for February follows: Labor wage rate was $29 per hour. During the month, sales revenue was $601,400, and selling and administrative costs were $103,400. 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 cost of products completed during February? Cost of products completed Partially completed T-accounts and additional information for Pine Ridge Corporation for the month of February follow. BB (2/1) Materials Inventory 56,400 228,900 189,500 Cost of Goods Sold Work-In-Process Inventory BB (2/1) 101,100 Labor 187,200 Manufacturing Overhead Control 155,500 Finished Goods Inventory BB (2/1) 201,200 346,500 250,700 Applied Manufacturing Overhead 134,784 Additional information for February follows: Labor wage rate was $29 per hour. . During the month, sales revenue was $601,400, and selling and administrative costs were $103,400. 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 balance of the Work-in-Process Inventory account at the end of February? Ending balance Partially completed T-accounts and additional information for Pine Ridge Corporation for the month of February follow. BB (2/1) Materials Inventory 56,400 228,900 189,500 Cost of Goods Sold Work-In-Process Inventory BB (2/1) 101,100 Labor 187,200 Manufacturing Overhead Control 155,500 Finished Goods Inventory BB (2/1) 201,200 346,500 250,700 Applied Manufacturing Overhead 134,784 Additional information for February follows: Labor wage rate was $29 per hour. During the month, sales revenue was $601,400, and selling and administrative costs were $103,400. 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 operating profit for February? Any over- or underapplied overhead is written off to Cost of Goods Sold. (Loss amounts should be indicated with a minus sign.) Operating profit (loss)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Taxation Of Individuals And Business Entities 2015

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

6th Edition

9780077862367

Students also viewed these Accounting questions