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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
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 ?? 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 1,500 3.000 4.500 Total $6,500 $10.000 $13.500 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. The company uses normal costing and applies overhead uniformly. 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. Cost of goods sold for February. f. Gross margin for February. e
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