Petrov Corporation Has Adopted a JIT Management System and Has

Essay

Petrov Corporation has adopted a JIT management system and has the following transactions in February:
Feb 2 Incurred labor and overhead costs, $89,00
Feb 18 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.