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 $9,950 and direct labor costs of $15,200. 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 $4,400 and direct labor $5,200, 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 $5,500. 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 $1,145 underapplied in December.

List the letters (a) through (m) and indicate the amount pertaining to each letter. Raw Materials Inventory Dec. 1 Beginning balance

a. Dec. 31 Requisitions 18,950 31 Purchases 18,025 Dec. 31 Ending balance 8,125 Work in Process Inventory Dec. 1 Beginning balance (Entry field with correct answer)
b. Dec. 31 Jobs completed (Entry field with incorrect answer) (f) 31 Direct materials (Entry field with correct answer)
c. 31 Direct labor 9,100 31 Overhead (Entry field with correct answer)
d. Dec. 31 Ending balance (Entry field with correct answer)
e. Finished Goods Inventory Dec. 1 Beginning balance (Entry field with correct answer)
f. Dec. 31 Cost of goods sold (Entry field with incorrect answer) (i) 31 Completed jobs (Entry field with incorrect answer)
g. Dec. 31 Ending balance (Entry field with correct answer)
h. Factory Labor Dec. 31 Factory wages 12,225 Dec. 31 Wages assigned (Entry field with correct answer)
i. Manufacturing Overhead Dec. 31 Indirect materials 3,300 Dec. 31 Overhead applied (Entry field with correct answer)
j. 31 Indirect labor (Entry field with correct answer)
k. 31 Other overhead 1,545

Phillips Corporation

a = 9,050 beginning balance Raw Materials

b = 36,660 beginning balance WIP

c = 15,650 direct materials

d = 6,825 Overhead applied

e = 13,500 Ending balance WIP

f = 5,500 beginning balance Finished Goods

g = 54,625 Completed jobs

h = 4,300 ending balance Finished Goods

i = 9,100 wages assigned

j = d

k = 3,125 indirect labor

l = 1,145 Underapplied overhead

m = 55,825 cost of goods sold

Explanation:

a) Data and Analysis:

1. Jobs in process:

Job No. 154 and Job No. 155

Combined direct materials costs    $9,950

Combined direct labor costs            15,200

Overhead applied (75%)                    11,400

Total work in process, beginning $36,550

2. Jobs started in December:

             Job Nos. 156,           157, and       158

Direct materials                                     $4,400

Direct labor                                             5,200

Overhead applied (75%)                        3,900

Total work in process                        $13,500

Beginning work in process = $36,550

Ending work in process = $13,500

Beginning Finished Goods Inventory: Job 153 $5,500

Ending Finished Goods Inventory: Job 157 $4,300

Raw Materials Inventory

Dec. 1 Beginning balance  9,050 (a)  

Dec. 31 Requisitions                      18,950

Dec. 31 Purchases           18,025

Dec. 31 Ending balance                  8,125

Total                                27,075  27,075

a = $9,050 (27,075 - $18,025)

Work in Process Inventory

Dec. 1 Beginning balance $36,550  b.

Dec. 31 Jobs completed               54,625 (g)

Dec. 31 Direct materials     15,650  c.

Dec. 31 Direct labor              9,100

Dec. 31 Overhead                6,825  d.

Dec. 31 Ending balance                13,500 e.

Finished Goods Inventory

Dec. 1 Beginning balance        5,500 f

Dec. 31 Cost of goods sold            55,825 (m)

Dec. 31 Completed jobs    54,625 g.

g. Dec. 31 Ending balance                  4,300 h

Factory Labor

Dec. 31 Factory wages         12,225

Dec. 31 Wages assigned                    9,100

Dec. 31 Overhead                               3,125

Manufacturing Overhead

Dec. 31 Indirect materials 3,300

Dec. 31 Overhead applied                 6,825  d.

Dec. 31 Indirect labor        3,125  k.

Dec. 31 Other overhead   1,545

Dec. 31 Underapplied overhead        1,145

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