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 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

 
 

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

We value our customers and so we ensure that what we do is 100% original..
With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.

Read more

Free-revision policy

The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.

Read more

Privacy policy

The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.

Read more

Fair-cooperation guarantee

By placing an order with us, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency