P Jhené Aiko Radio-Naw P #x y d WileyPLUS ? Not Secure | edugen.wileyplus.com/ed

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P Jhené Aiko Radio-Naw P #x y d WileyPLUS ? Not Secure | edugen.wileyplus.com/edugen/ti/main.uni Return to Blackboard gandt, Accounting Principles, 12e PRINTER VERSION BACH Problem 20-5A Phillips Corporation's fiscal year ends an 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 meterials costs of S9,850 and direct labor costs of S 17,100. Overhead was applied at a rate that was 75% of direct 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 $4,500 and direct labor $4,900, plus manufacturing owerhead. All jobs, 3. On December 1, Job No. 153 was in the finished goods warehouse. It had a total cost of s5,400. On December 31, Job No. 157 was the only job finished that was not sold. It had a cost of $4,300. 4. Manufacturing overhead was $1,495 underapplied in December List the letters (a) through (m) and indicate the amount pertaining to each letter labor cost. Review Results by Study except for Job No. 158, were completed in December Raw Materials Inventory Dec. 1 Beginning balance (a) Dec. 31 Requisitions 18,150 31 Purchases Dec. 31 Ending balance 18,225 8,335 Work in Process Inventory Dec. 1 Beginning balance b) Dec. 31 Jobs completed 31 Direct materials 31 Direct labor 31 Overhead 8,900 Dec, 31 Ending balance Finished Goods Inventory Dec. 1 Beginning balance (g) Dec. 31 Cost of goods sold 31 Completed jobs Dec. 31 Ending balance Factory Labor Dec. 31 Factory wages 12,225 Dec. 31 Wages assigned Dec. 3L Indirect materials 3,300 Dec. 31 Overhead applied 31 Indirect labor 31 Other overhead ,545

Explanation / Answer

Solution:

Raw materials inventory Date Particulars Debit Date Particulars Credit 1-Dec Beginning balance (a) $8,260.00 31-Dec Requisitions $18,150.00 31 Purchases $18,225.00 31-Dec Ending balance $8,335.00 Total $26,485.00 Total $26,485.00

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