Petrov Corporation has adopted a JIT management system and has the following transactions in February:
Feb 2 Incurred labor and overhead costs, $89,000
Feb 1B Completed 750 units with standard costs of $\$ 93$ for direct materials and $\$ 146$ for conversion costs Open a T-account for Conversion Costs. Post appropriate entries to determine the amount of underallocated or overallocated overhead. Record the adjusting entry on February 28. Omit explanation.

Question

Petrov Corporation has adopted a JIT management system and has the following transactions in February:
 Feb 2 Incurred labor and overhead costs, $89,000
Feb 1B Completed 750 units with standard costs of $\$ 93$ for direct materials and $\$ 146$ for conversion costs Open a T-account for Conversion Costs. Post appropriate entries to determine the amount of underallocated or overallocated overhead. Record the adjusting entry on February 28. Omit explanation.

Quizplus · Accepted Answer

The Answer of Petrov Corporation has adopted a JIT management system and has the following transactions in February:
 Feb 2 Incurred labor and overhead costs, $89,000
Feb 1B Completed 750 units with standard costs of $\$ 93$ for direct materials and $\$ 146$ for conversion costs Open a T-account for Conversion Costs. Post appropriate entries to determine the amount of underallocated or overallocated overhead. Record the adjusting entry on February 28. Omit explanation.

Petrov Corporation Has Adopted a JIT Management System and Has $93\$ 93$93

Petrov Corporation Has Adopted a JIT Management System and Has $\$ 93$