Question

Your answer is partially correct. Try again. 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 $16,600. 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 $3,900 and direct labor $5,300, plus manufacturing overhead. All jobs, except for Job No. 158, were completed in December. 3. On December 1, Job No. 153 was in the finished goods warehouse. It had a total cost of $5,600. On December 31, Job No. 157 was the only job finished that was a 4. Manufacturing overhead was $1,595 underapplied in December List the letters (a) through (m) and indicate the amount pertaining to each letter. Raw Materials Inventory Dec. 1 Beginning balance 7710 (6) Dec 31 Requisitions 18,625 Dec. 31 Ending balance 8,185 Work in Process Inventory 18,150 31 Purchases Dec. 1 Beginning balance (b) Dec. 31 Jobs completed 0 31 Direct materials 3900 (c) Version 4.24.20 w Wilsons, Inc.

Answer 1

Raw Materials
Dec-01	Beginning balance	$   7,710	(a)	Dec-31	Requisition	$ 18,150
31	Purchases	$ 18,625
Dec-31	Ending balance	$   8,185
Work - in - Process Inventory
Dec-01	Beginning balance	$ 38,900	(b)	Dec-31	Jobs completed	$ 56,250	(f)
31	Direct material	$ 14,950	(c)
31	Direct labor	$   8,900
31	Overhead	$   6,675	(d)
Dec-31	Ending balance	$ 13,175	(e)
Finished Goods
Dec-01	Beginning balance	$   5,600	(g)	Dec-31	Cost of goods sold	$ 57,650	(i)
31	Completed jobs	$ 56,250	(h)
Dec-31	Ending balance	$   4,200	(j)
Factory Labor
Dec-31	Factory wages	$ 12,225		Dec-31	Wages assigned	$ 12,225	(k)
Manufacturing Overheads
Dec-31	Indirect materials	$   3,200		Dec-31	Overhead applied	$   6,675	(m)
31	Indirect labor	$   5,220	(l)
31	Other overheads	$   1,745

G I 18150 А B C D E F 1 Raw Materials 2 37226 Beginning balance =G2+C4-C3 (a) 11658 Requisition 3 31 Purchases 18625 4 11658 Ending balance 8185 5 6 Work-in - Process Inventory 7 37226 Beginning balance 9850+16600+(16600*0.75) (6) 11658 Jobs completed 8 31 Direct material =G2-C22 (c) 931 Direct labor 8900 10 31 Overhead =C9*0.75 (d) 11 11658 Ending balance =3900+5300+(5300*0.75) (e) |=C7+C8+C9+C10-011 (f) 12 (g) 11658 Cost of goods sold =C14+C15-C16 (i) Beginning balance 5600 Completed jobs =G7 Ending balance 4200 6) 13 Finished Goods 14 37226 15 31 16 11658 17 18 Factory Labor 19 11658 20 21 Manufacturing Overheads 22 11658 23 31 Factory wages 12225 11658 Wages assigned =C19 (k) 11658 Overhead applied =C10 (m) Indirect materials 3200 Indirect labor =G22+C24-C22 Other overheads 1745 (0) 24 31