Direct labor on the February cost of production report (weighted-average method) revealed a cost per equivalent unit of $0.30. The factory overhead application rate was consistent with that evident in the beginning work in process. Finished goods inventory increased by $9,400, and sales were $600,000. (a) How many units were transferred to finished goods? (b) What are February's equivalent units of production for direct materials, direct labor, and factory overhead? (c) How much was the cost of direct material introduced into production during February? (d) How much was the cost of direct labor introduced into production in February? (e) What is the factory overhead application rate? (f ) Of the total cost (beginning inventory plus additional production cost), how much is allocated to ending work in process? (g) Of the total cost (beginning inventory plus additional production cost), how much is transferred to finished goods inventory? (h) How much is February's gross profit?
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