Problem 20-5A Phillips Corporation’s fiscal year ends on November 30.

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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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