Question

Ch14 to Ch16 - Extra Credit 0.46/1 < Question 2 of 3 > Your answer is partially correct. Phillips Corporation's fiscal year ends on November 30. The following accounts are found in its job order cost accounting System for the first month of the new fiscal year, Other data: 1 2. On December 1, two jobs were in process: Job No. 154 and Job No. 155. These jobs had combined direct materials costs of $9,850 and direct labor costs of $15,300. Overhead was applied at a rate that was 75% of direct labor cost. During December Job Nos. 156, 157, and 158 were started on December 31, Job No 158 was unfinished. This job had charges for direct materials $4,400 and direct labor $5.000, plus manufacturing overhead. All jobs, except for Job No. 158, were completed in December On December 1, Job No. 153 was in the finished goods warehouse. It had a total cost of $5,200. On December 31, Job No. 157 was the only job finished that was not sold. It had a cost of $4.200. Manufacturing overhead was $1.295 underapplied in December. 3 4.

Answer 1

11 Aus list the letters (a) through (m) and indicate the amount pertaining to each letter. Raw Materials Inventory Particulars Quod Date Particulars Amount Dec. 1 Beginning Amount Date $ 8,430(aDec.3.1 i Requisitions $18,350 Balance Bee working notes Purchases Dec.31 18.125 Dec.31 Ending Balance $8,205 Work in Process Inventory. Date Particulars Amount Date Particulars Amount Dec.l Beginning Balance $36,62516) Dec.31 Job Completed $54,400() (see Working Note) b)+(c) + Direct labor +(d) -(e) Dec 31 Direct Material 15,350 C) Dec.31 Direct labor 8,900 Dec.31 Overhead 6,6750 [8,900 x 75% Dec.31 Ending Balance $13,150 (0) (see working nole)

| Dec. 1 finished Goods Inventory Date particulars Amount Date Particulars Amount Beginning Baknul $5,200 9) Dec:31| costof Goode $55,400(0) H3)+(h)-) Dec31 Completed fok! 54,400 (6) Decal Ending balance $4,20010 C factory labor Particulars amount Date Particulars Amount Dec. 31 Factory Waga $12,225. Dec.3l Wages assigned $12,225 () Date Manufacturing Overhead Date Particulars Amount Date Particulars Amount Dec. 31 Dindirect Materi! $3,000 Dec. 31/ Overhead Applied $6,675 Dec. 31 Indirect labor! 3,3250 Dec.31 Other Overhead $1,645

Jalorking Notes (a) Ano Raw Material Inventory Recquisitions Add 8 Ending Balance - 은 ² $_18,350 8,205 less & Purchases (18,135) Beginning Balance (a) $8.430 (b) Ane) Ando baloni world-in. Process Purrentory I Direct Material Add: Direct labor $9,850 15.300 Add a 11,475 Overhead @15% of 애 Direct labor 15,300 X 75% $36.625 - Beginning Balance (b (©) Ansar Thork-in - Process Pnventory, Requisitions $18,350 Less & Indirect Material (3.000) Direct Materials (c) = $15,350 Noteo Penoliect Mastered and given in the Manufact= uring Over head Table

(d) Ans Thork in Process Inventory Direct Labor $_8,900 Overhead (d) 75% of Direct labor 8,900 X 75% Overhead (0)3_$ 6,675 (2) Ands (hlork-in-- Proces Paxestory Direct material = $4,400 Addo Direct labor 5,000 Add & Overhead @ 75% of 3,750 Direct labor -> 5,000 X 75 $3,750 100 Ending Balance (e) = $13,150 - (f) Aus Work in Process Prventory. Job completed- Beginning Balance (b)t Direct Material (C) + Direct TFT* labor & Overhead (d) Ending Balance (e) $36,625 +$ 15,350 +$8,900 +$6,675 $ 13,150

I sob Job completed (f) $ 54,400 (0) Ang => Finished Goods Dinventory Beginning Balance (g) (9) = $5,200 (Given in the Question) Addo Completed iobs (1) 54,400 (calculated earlier Less Ending Balance (4,200 Cost of Goods sold ) $ 55,400 k) Andy) Tractory labord Factory wages * Haber $ 12,225 wages assigned (K) = $12,225 same as factory wages 5

(2) Aus - Manufacturing Overhead Inlages assigned = $12,225 less Direct labor wages (8,9003 Indirect labor (el) = $3,325 a (m) And Manufacturing Overhead 00 Indirect Materials Addo Indirect labor $3,000 3.325 ambao 1,645 Add: other Overhead . Less & Under applied Overhead Applied (m) (1,295) $ 6,675.

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