Question

AutoSave CH 2 ExcelTemplateAssignment CO2 (1) - Protected View Excel Search File Home Insert Page Layout Formulas Data Review View Help DYMO Label QuickBooks O PROTECTED VIEW Be careful--files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View 114 X vf 4. A B C D 1 P2-5A Analyze manufacturing accounts and determine missing amounts 2 Phillips Corporation's fiscal year ends on November 30. The following accounts are found in its job 3 order cost accounting system for the first month of the new fiscal year. Dec. 1 Beginning balance 31 Purchases Dec.31 Ending balance Raw Materials Inventory (a) Dec. 31 Requisitions 17 225 7,975 $16,850 Work in Process Inventory (b) Dec. 31 Jobs completed Dec. 1 Beginning balance 31 Direct materials 31 Direct labor 31 Overhead Deo. 31 Ending balance (@) 8,400 Finished Goods Inventory Dec. 31 Jobs completed Dec. 31 Ending balance Dec. 31 0) Deo. 31 Factory wages Factory Labor 12,025 Dec. 31 Wages assigned Manufacturing Overhead 2,900 Deo. 31 Overhead applied Dec 31 Indirect materials 31 Indirect labor 31 Other overhead (1) 1,245 Other data: 11. On December 1, two jobs were in process Job No. 154 and Job No.155. These jobs had combined direct 21255 |29|PA P2-5A CD20 O Type here to search celemei

Answer 1

(a) Beginning balance, raw materials Total requisitions Ending balance, raw materials Less: purchases Beginning balance, raw materials $17,600 7,975 17,225 $8,350 (b) Beginning work in process (Job 154 & Job 155) Direct materials $9,750 Direct labor 15,000 Overhead applied 11,25015000*0.75 $36,000 (C) Direct materials Requisitions of raw materials Less: indirect materials Direct materials $17,600 2,900 $14,700 (d) Overhead applied Direct labor Overhead applied (75% of DL) $8,400 $G,3008400*0.75 (e) Ending work in process (Job No. 1581 Direct materials Direct labor Overhead applied $3,800 4,800 3,600 $12,200 4800*0.75 Completed Jobs (Jobs 154-157) Beginning balance, work in process Direct materials Direct labor Overhead applied Less: ending work in process Jobs completed $36,000 14.700 8,400 6.300 12,200 $53,200 (g) Beginning balance, finished goods (Job 153) $5,000 (h) Jobs completed $53,200 i Cost of goods sold Beginning finished goods Jobs completed Less: ending finished goods Cost of goods sold $5,000 53,200 4.000 $54,200 0) Ending finished poods (Job 157) $4,000 (k) Wages assigned to work in process $12,025 Indirect labor Factory wages Less: direct labor Indirect labor $12,025 8,400 $3,625 (m) Overhead applied Direct labor Overhead applied $8,400 $6,300