Phillips Corporations fiscal year ends on November 30. The following accounts are found in its job order

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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.

Phillips Corporation€™s fiscal year ends on November 30. The following

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.

Instructions
List the letters (a) through (m) and indicate the amount pertaining to eachletter.

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Accounting Principles

ISBN: 978-1118875056

12th edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

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