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) BB (2/1) 100,000 Labor 56,000 227,000 190,000 187,500 Finished Goods Inventory Cost of Goods Sold BB (2/1) 200,000 345,000 251,000 Manufacturing Overhead Control Applied Manufacturing Overhead 155,000 150,000 Additional 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.
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) BB (2/1) 100,000 Labor 56,000 227,000 190,000 187,500 Finished Goods Inventory Cost of Goods Sold BB (2/1) 200,000 345,000 251,000 Manufacturing Overhead Control Applied Manufacturing Overhead 155,000 150,000 Additional 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.
Chapter5: Process Costing
Section: Chapter Questions
Problem 14PA: Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units....
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d. What was the cost of products completed during Febuary?
e. What was the balance of the Work-in-Process Inventory account at the end of Fabuary?
f. What was the operating profit for Febuary? Any over- or underapplied
Please provide an explanation it would be of great help with my learning. Thank you <3
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