Problem 20-5a phillips corporation’s fiscal year ends on november 30.

  

Problem 20-5A

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 $9,750 and direct labor costs of   $15,000. Overhead was applied at a rate that was 75% of direct labor cost.

 

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 materials $3,800 and   direct labor $4,800, 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 $5,000. On December 31, Job No. 157 was the only job finished that   was not sold. It had a cost of $4,000.

 

4.

Manufacturing   overhead was $1,470 underapplied in December.

 List the letters (a) through (m) and indicate the amount pertaining to each letter.

  

List the letters (a) through (m) and indicate the amount pertaining to each letter.

  

Raw Materials   Inventory

 

Dec. 1

Beginning   balance

Problem 20-5A Phillips Corporation’s fiscal year e

(a)

Dec. 31

Requisitions

16,850

 

31

Purchases

17,225

 

Dec. 31

Ending   balance

7,975

  

Work in Process   Inventory

 

Dec. 1

Beginning   balance

Problem 20-5A Phillips Corporation’s fiscal year e

(b)

Dec. 31

Jobs   completed

Problem 20-5A Phillips Corporation’s fiscal year e

(f)

 

31

Direct   materials

Problem 20-5A Phillips Corporation’s fiscal year e

(c)

 

31

Direct   labor

8,400

 

31

Overhead

Problem 20-5A Phillips Corporation’s fiscal year e

(d)

 

Dec. 31

Ending   balance

Problem 20-5A Phillips Corporation’s fiscal year e

(e)

  

Finished Goods   Inventory

 

Dec. 1

Beginning   balance

Problem 20-5A Phillips Corporation’s fiscal year e

(g)

Dec. 31

Cost of   goods sold

Problem 20-5A Phillips Corporation’s fiscal year e

(i)

 

31

Completed   jobs

Problem 20-5A Phillips Corporation’s fiscal year e

(h)

 

Dec. 31

Ending   balance

Problem 20-5A Phillips Corporation’s fiscal year e

(j)

  

Factory Labor 

 

Dec. 31

Factory   wages

12,025

Dec. 31

Wages   assigned

Problem 20-5A Phillips Corporation’s fiscal year e

(k)

  

Manufacturing   Overhead

 

Dec. 31

Indirect   materials

2,900

Dec. 31

Overhead   applied

Problem 20-5A Phillips Corporation’s fiscal year e

(m)

 

31

Indirect   labor

Problem 20-5A Phillips Corporation’s fiscal year e

(l)

 

31

Other overhead

1,245

 
 

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