Partially completed T-accounts and additional information for Pine Ridge Corporation for the month of February follow. Materials InventoryBB (2/1)57,400 227,500189,200 Work-In-Process InventoryBB (2/1)101,700 Labor186,100 Finished Goods InventoryBB (2/1)200,800 345,100249,200 Cost of Goods Sold Manufacturing Overhead Control 155,600 Applied Manufacturing Overhead 135,853 Additional information for February follows:Labor wage rate was $25 per hour.During the month, sales revenue was $601,700, and selling and administrative costs were $104,500.This company has no indirect materials or supplies.The company applies manufacturing overhead on the basis of direct labor costs. Please answer these 3 D-F 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.

Direct materials are those materials which are directly attributable to the the finished product.…

Answered: Partially completed T-accounts and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Partially completed T-accounts and additional information for Pine Ridge Corporation for the month of February follow.

Materials Inventory
BB (2/1)	57,400
	227,500	189,200

Work-In-Process Inventory
BB (2/1)	101,700
Labor	186,100

Finished Goods Inventory
BB (2/1)	200,800
	345,100	249,200

Cost of Goods Sold

Manufacturing Overhead Control
	155,600

Applied Manufacturing Overhead
		135,853

Additional information for February follows:

Labor wage rate was $25 per hour.
During the month, sales revenue was $601,700, and selling and administrative costs were $104,500.
This company has no indirect materials or supplies.
The company applies manufacturing overhead on the basis of direct labor costs.

Please answer these 3 D-F

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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