Problem 155A Your answer is partially correct Try again Phil

Problem 15-5A 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. 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 2. During December, Job Nos. 156, 157, and 158 were started. On December 31, Job No. 158 vwas unfinished. This job had charges for direct 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 4. Manufacturing overhead was $1,320 underapplied in December List the letters (a) through (m) and indicate the amount pertaining to each letter. direct labor costs of $16,000. Overhead was applied at a rate that was 75% of direct labor cost. materials $4,000 and direct labor $5,200, plus manufacturing overhead. All jobs, except for Job No. 158, were completed in December. job finished that was not sold. It had a cost of $4,300. Raw Materials Inventory 33(a) Dec. 31 17,625 8,105 Dec. 1 Beginning balance Requisitions 17,350 Dec. 31 Ending balance Work in Process Inventory Dec. 1 Beginning balance 37850 (b) Dec. 31 Jobs completed 17350 (c) 9,000 58600(F) 31 Direct materials 31 Direct labor 31 Overhead 500 (d)

Solution

Raw Materials Inventory 1-Dec Beg. Bal. - $17,350 + $8,105 - $17,625      7,830.00 31-Dec Requisitions    17,350.00 31-Dec Purchases    17,625.00 31-Dec Ending Balance      8,105.00 Work in Process Inventory 1-Dec Beg. Bal. - $9,850 + $16,000 + ($16,000 X 75%)    37,850.00 31-Dec Jobs Completed - $37,850 + $14,150 + $9,000 + $6,750 - $13,100    54,650.00 31-Dec Direct Material - $17,350 - $3,200    14,150.00 31-Dec Direct Labor      9,000.00 31-Dec Overhead - $9,000 X 75%      6,750.00 31-Dec Ending Balance - $4,000 + $5,200 + ($5,200 X 75%)    13,100.00 Finished Goods Inventory 1-Dec Beg. Bal. (Given in the question)      5,600.00 31-Dec Cost of Goods Sold - $5600 + $54,650 - $4300    55,950.00 31-Dec Completed Jobs - $37,850 + $14,150 + $9,000 + $6,750 - $13,100    54,650.00 31-Dec Ending Balance (Given in the question)      4,300.00 Factory Labor 31-Dec Factory Wages    12,225.00 31-Dec Wages Assigned - Equal to Factory Wages Incurred    12,225.00 Manufacturing Overhead 31-Dec Indirect Materials      3,200.00 31-Dec Overhead Applied - $3,200 + $3,225 + $1,645 - $1,320      6,750.00 31-Dec Indirect Labor - $12,225 - $9,000      3,225.00 31-Dec Other Overhead      1,645.00