Problem 155A Phillips Corporations fiscal year ends on Novem

Problem 15-5A 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. please fill in all the blanks!!! Thanks!!!

Problem 15-5A 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 was 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 Dec. 1 Beginning balance (a) Dec. 31 Requisitions 17,350 17,625 Dec. 31 Ending balance 8,105 Work in Process Inventory Dec. 1 Beginning balance (b) Dec. 31 Jobs completed 31 Direct materials 31 Direct labor 31 Overhead 9,000 Dec. 31 Ending balance Finished Goods Inventory

Solution

Dec 1 opening balance of raw material : 7830

Wip inventory

Dec 1 beginning balance : 9850 + 16000 + 12000 = 37850

Dec 31 direct material : 17350

Dec 31 direct labour. : 9,000

Dec 31 overhead. : 7,500

Dec. 31 ending balance : 4000 + 5200 + 3900 = 13100

Dec 31 jobs completed. : 58600

Finished goods

Dec 1 beginning : 5600

Dec 31 completed jobs : 58600

Dec 31 ending balance. : 4300

Dec 31 cost of goods sold : 59900

Factory labour :

Dec 31 wages assigned : 9000

Manufacturing over head

Dec 31: overhead applied : 7500

Dec 31 indirect labor : 7500+ 1320 - 3200- 1645 = 3975