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.Materials InventoryWork-In-Process Inventory100,000185,600Finished Goods Inventory200,400вB (2/1)57,500228,400вв (2/1)вв (2/1)188, 300Labor346, 300249,300Cost of Goods SoldManufacturing Overhead Control155,500Applied Manufacturing Overhead141,056Additional information for February follows:Labor wage rate was $29 per hour.During the month, sales revenue was $601,500, and selling and administrative costs were $103,500.This company has no indirect materials or supplies.The company applies manufacturing overhead on the basis of direct labor costs.

Name: e. What was the balance of the Work-in-Process Inventory account at t
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Description: 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 additi

yAnswer - Part E - Computation of the balance of the Work-in-Process Inventory account at the end of November - Particulars Amount Opening WIP 100,000 Add : Material Inventory 188,300 Labour Charges in WIP 185,600 Manufacturing OH Applied (6400 x $30) 192,000 Less : FG Inventory 346,300 Work in Process Inventory 319,600 Working Note : Direct Labor hours = $185600 / $29 = 6400 hoursAnswer - Part f - Computation of the operating profit (loss) for November- Particulars Amount Sales 601,500 Less - Cost of Goods Sold (228400+34000) 262,400 Less - Selling Expenses 103,500 Profit 235,600

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Partially completed T-accounts and additional information for Pine Ridge Corporation for the month of February follow. Materials Inventory Work-In-Process Inventory вв (2/1) Labor Finished Goods Inventory 200,400 вB (2/1) вв (2/1) 57,500 228,400 100,000 185,600 188, 300 346,300 249,300 Cost of Goods Sold Manufacturing Overhead Control 155,500 Applied Manufacturing Overhead 141,056 Additional information for February follows: • Labor wage rate was $29 per hour. • During the month, sales revenue was $601,500, and selling and administrative costs were $103,500. • This company has no indirect materials or supplies. • The company applies manufacturing overhead on the basis of direct labor costs.

Partially completed T-accounts and additional information for Pine Ridge Corporation for the month of February follow. Materials Inventory Work-In-Process Inventory вв (2/1) Labor Finished Goods Inventory 200,400 вB (2/1) вв (2/1) 57,500 228,400 100,000 185,600 188, 300 346,300 249,300 Cost of Goods Sold Manufacturing Overhead Control 155,500 Applied Manufacturing Overhead 141,056 Additional information for February follows: • Labor wage rate was $29 per hour. • During the month, sales revenue was $601,500, and selling and administrative costs were $103,500. • This company has no indirect materials or supplies. • The company applies manufacturing overhead on the basis of direct labor costs.

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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I need help with this accounting problem
Begin with the Work-in-Process———- Cutting T- acount, then complete each of the remaining T-accounts (Abbreviations used: COGS= Cost of Goods Sold, FG = Finished Goods, WIP = Work in-Process)
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