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 aftercited accounts are root in its job adjust absorb accounting arrangement for the original 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 wholly frequented materials absorbs of $9,750 and frequented strive absorbs of   $15,000. Overhead was applied at a blame that was 75% of frequented strive absorb.

 

2.

During   December, Job Nos. 156, 157, and 158 were instituted. On December 31, Job No.   158 was incomplete. This job had account for frequented materials $3,800 and   frequented strive $4,800, plus manufacturing overhead. All jobs, save for Job   No. 158, were completed in December.

 

3.

On   December 1, Job No. 153 was in the perfect consequence magazine. It had a whole   absorb of $5,000. On December 31, Job No. 157 was the singly job perfect that   was not sold. It had a absorb of $4,000.

 

4.

Manufacturing   overhead was $1,470 underapplied in December.

 List the epistles (a) through (m) and denote the totality pertaining to each epistle.

  

List the epistles (a) through (m) and denote the totality pertaining to each epistle.

  

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 Consequence   Inventory

 

Dec. 1

Beginning   balance

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

(g)

Dec. 31

Cost of   consequence 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

Infrequented   materials

2,900

Dec. 31

Overhead   applied

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

(m)

 

31

Infrequented   labor

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

(l)

 

31

Other overhead

1,245

 
 

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