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 56,900 227,300 189,600 Cost of

image 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 56,900 227,300 189,600 Cost of Goods Sold Work-In-Process Inventory BB (2/1) 100,900 Labor 186,200 Manufacturing Overhead Control 155,300 Finished Goods Inventory BB (2/1) 202,000 345,600 250,700 Applied Manufacturing Overhead 132,202 Additional information for February follows: Labor wage rate was $25 per hour. . During the month, sales revenue was $600,600, and selling and administrative costs were $104,200. 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

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

Accounting And Finance For Your Small Business

Authors: Eric James Burton, Steven M Bragg

1st Edition

9780471323600

More Books

Students also viewed these Accounting questions

Question

2. Establish eye-level position.

Answered: 1 week ago