Partially completed T-accounts and additional information for Pine Ridge Corporation for the month of February follow...
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Partially completed T-accounts and additional information for Pine Ridge Corporation for the month of February follow Work-In-Process Inventory Finished Goods Inventory 101, 200 Materials Inventory 57,800 227,300 189,800 Cost of Goods Sold 186,900 BB (2/1) 201,300 346,600 250, 300 Applied Manufacturing Overhead BB (2/1) BB (2/1) Labor Manufacturing Overhead Control 157,000 Additional information for February follows: • Labor wage rate was $29 per hour. . During the month, sales revenue was $601,800, 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. 142,044 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. Partially completed T-accounts and additional information for Pine Ridge Corporation for the month of February follow Work-In-Process Inventory Finished Goods Inventory 101, 200 Materials Inventory 57,800 227,300 189,800 Cost of Goods Sold 186,900 BB (2/1) 201,300 346,600 250, 300 Applied Manufacturing Overhead BB (2/1) BB (2/1) Labor Manufacturing Overhead Control 157,000 Additional information for February follows: • Labor wage rate was $29 per hour. . During the month, sales revenue was $601,800, 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. 142,044 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.
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SOLUTION a Cost of direct materials issued to production during February can be calculated using the following formula Cost of direct materials issued Beginning balance of materials inventory Purchase... View the full answer
Related Book For
Fundamentals of Cost Accounting
ISBN: 978-0077398194
3rd Edition
Authors: William Lanen, Shannon Anderson, Michael Maher
Posted Date:
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