Partially completed T-accounts and additional information for Pine Ridge Corporation for the month of February follow.Materials InventoryWork-In-Process InventoryFinished Goods InventoryВB (2/1)BB (2/1)BB (2/1) 200,00056,000227,000100,000187,500190,000Labor345,000251,000Cost of Goods SoldManufacturing Overhead ControlApplied Manufacturing Overhead155,000150,000Additional information for February follows:• Labor wage rate was $25 per hour.• During the month, sales revenue was $600,000, and selling and administrative costs were $105,000.• 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 rated. 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.February?

Solution a: Cost of direct materials issued to production during February = Amount credited to…

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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Equivalent Units of Production Data for the two departments of Kimble & Pierce Company for June of the current fiscal year are as follows: Work in process, June 1 Completed and transferred to next processing department during June Work in process, June 30 Inventory in process, June 1 Started and completed in June Transferred to Winding Department in June Inventory in process, June 30 Total Drawing Department 6,600 units, 50% completed 5,000 units, 50% completed 2,600 units, 10% Broduction begins in the Drawing Department and finishes h the Winding Department. 90,400 units a. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for June for the Drawing Department. If an amount is zero, enter in "0". Drawing Department Direct Materials and onversion Equivalent Units of Production For June Inventory in process, June 1 Started and completed in June Transferred to finished goods in June…
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