Business Accounting

Business Accounting
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Print by: Ashley Patros
BA_7000_1701_003.005_COMB: Winter 2017 BA 7000 Sec 003.005 (COMBINED) / HW CH 2
*Problem 2-5A
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
$9,850 and direct labor costs of $17,100. 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 $4,500 and direct labor $5,400, 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 $5,200. 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 $1,345 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 17,550
31 Purchases 17,725
Dec. 31 Ending balance 8,135
Work in Process Inventory
Dec. 1 Beginning balance (b) Dec. 31 Jobs completed (f)
31 Direct materials (c)
31 Direct labor 9,100
31 Overhead (d)
Dec. 31 Ending balance (e)
Finished Goods Inventory
Dec. 1 Beginning balance (g) Dec. 31 Cost of goods sold (i)
31 Completed jobs (h)
Dec. 31 Ending balance (j)
Factory Labor
Dec. 31 Factory wages 12,225 Dec. 31 Wages assigned (k)
Manufacturing Overhead
Dec. 31 Indirect materials 3,400 Dec. 31 Overhead applied (m)
31 Indirect labor (l)
31 Other overhead 1,645
Copyright © 2000-2017 by John Wiley & Sons, Inc. or related companies. All rights reserved.

Question Attempts: 0 of 5 used
Print by: Ashley Patros
BA_7000_1701_003.005_COMB: Winter 2017 BA 7000 Sec 003.005 (COMBINED) / HW CH 2
*Problem 2-5A
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
$9,850 and direct labor costs of $17,100. 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 $4,500 and direct labor $5,400, 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 $5,200. 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 $1,345 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 17,550
31 Purchases 17,725
Dec. 31 Ending balance 8,135
Work in Process Inventory
Dec. 1 Beginning balance (b) Dec. 31 Jobs completed (f)
31 Direct materials (c)
31 Direct labor 9,100
31 Overhead (d)
Dec. 31 Ending balance (e)
Finished Goods Inventory
Dec. 1 Beginning balance (g) Dec. 31 Cost of goods sold (i)
31 Completed jobs (h)
Dec. 31 Ending balance (j)
Factory Labor
Dec. 31 Factory wages 12,225 Dec. 31 Wages assigned (k)
Manufacturing Overhead
Dec. 31 Indirect materials 3,400 Dec. 31 Overhead applied (m)
31 Indirect labor (l)
31 Other overhead 1,645
Copyright © 2000-2017 by John Wiley & Sons, Inc. or related companies. All rights reserved.

Question Attempts: 0 of 5 used
Print by: Ashley Patros
BA_7000_1701_003.005_COMB: Winter 2017 BA 7000 Sec 003.005 (COMBINED) / HW CH 2
*Exercise 2-4
Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented
below.
Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is
applied on the basis of direct labor cost and the rate is the same. (Round overhead rate to 2
decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,275.)
Case A Case B Case C
Direct
materials
used
$
(a) $92,100 $74,150
Direct labor 58,000 150,900 (h)
Manufacturing
overhead
applied
37,700 (d) (i)
Total
manufacturing
costs
148,550 (e) 221,000
Work in
process
1/1/17
(b) 19,000 18,200
Total cost of
work in
process
208,200 (f) (j)
Work in
process
12/31/17
(c) 16,800 (k)
Cost of goods
manufactured 197,700 (g) 228,000
Copyright © 2000-2017 by John Wiley & Sons, Inc. or related companies. All rights reserved.

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