Business Accounting
\nQuestion Attempts: 0 of 5 used
\nPrint by: Ashley Patros
\nBA_7000_1701_003.005_COMB: Winter 2017 BA 7000 Sec 003.005 (COMBINED) \/ HW CH 2
\n*Problem 2-5A
\nPhillips Corporation\u2019s fiscal year ends on November 30. The following accounts are found in its job order cost accounting system for
\nthe first month of the new fiscal year.
\nOther data:
\n1. On December 1, two jobs were in process: Job No. 154 and Job No. 155. These jobs had combined direct materials costs of
\n$9,850 and direct labor costs of $17,100. Overhead was applied at a rate that was 75% of direct labor cost.
\n2. During December, Job Nos. 156, 157, and 158 were started. On December 31, Job No. 158 was unfinished. This job had
\ncharges for direct materials $4,500 and direct labor $5,400, plus manufacturing overhead. All jobs, except for Job No. 158,
\nwere completed in December.
\n3. 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.
\n157 was the only job finished that was not sold. It had a cost of $4,300.
\n4. Manufacturing overhead was $1,345 underapplied in December.
\nList the letters (a) through (m) and indicate the amount pertaining to each letter.
\nRaw Materials Inventory
\nDec. 1 Beginning balance (a) Dec. 31 Requisitions 17,550
\n31 Purchases 17,725
\nDec. 31 Ending balance 8,135
\nWork in Process Inventory
\nDec. 1 Beginning balance (b) Dec. 31 Jobs completed (f)
\n31 Direct materials (c)
\n31 Direct labor 9,100
\n31 Overhead (d)
\nDec. 31 Ending balance (e)
\nFinished Goods Inventory
\nDec. 1 Beginning balance (g) Dec. 31 Cost of goods sold (i)
\n31 Completed jobs (h)
\nDec. 31 Ending balance (j)
\nFactory Labor
\nDec. 31 Factory wages 12,225 Dec. 31 Wages assigned (k)
\nManufacturing Overhead
\nDec. 31 Indirect materials 3,400 Dec. 31 Overhead applied (m)
\n31 Indirect labor (l)
\n31 Other overhead 1,645
\nCopyright \u00a9 2000-2017 by John Wiley & Sons, Inc. or related companies. All rights reserved.<\/p>\n
Question Attempts: 0 of 5 used
\nPrint by: Ashley Patros
\nBA_7000_1701_003.005_COMB: Winter 2017 BA 7000 Sec 003.005 (COMBINED) \/ HW CH 2
\n*Problem 2-5A
\nPhillips Corporation\u2019s fiscal year ends on November 30. The following accounts are found in its job order cost accounting system for
\nthe first month of the new fiscal year.
\nOther data:
\n1. On December 1, two jobs were in process: Job No. 154 and Job No. 155. These jobs had combined direct materials costs of
\n$9,850 and direct labor costs of $17,100. Overhead was applied at a rate that was 75% of direct labor cost.
\n2. During December, Job Nos. 156, 157, and 158 were started. On December 31, Job No. 158 was unfinished. This job had
\ncharges for direct materials $4,500 and direct labor $5,400, plus manufacturing overhead. All jobs, except for Job No. 158,
\nwere completed in December.
\n3. 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.
\n157 was the only job finished that was not sold. It had a cost of $4,300.
\n4. Manufacturing overhead was $1,345 underapplied in December.
\nList the letters (a) through (m) and indicate the amount pertaining to each letter.
\nRaw Materials Inventory
\nDec. 1 Beginning balance (a) Dec. 31 Requisitions 17,550
\n31 Purchases 17,725
\nDec. 31 Ending balance 8,135
\nWork in Process Inventory
\nDec. 1 Beginning balance (b) Dec. 31 Jobs completed (f)
\n31 Direct materials (c)
\n31 Direct labor 9,100
\n31 Overhead (d)
\nDec. 31 Ending balance (e)
\nFinished Goods Inventory
\nDec. 1 Beginning balance (g) Dec. 31 Cost of goods sold (i)
\n31 Completed jobs (h)
\nDec. 31 Ending balance (j)
\nFactory Labor
\nDec. 31 Factory wages 12,225 Dec. 31 Wages assigned (k)
\nManufacturing Overhead
\nDec. 31 Indirect materials 3,400 Dec. 31 Overhead applied (m)
\n31 Indirect labor (l)
\n31 Other overhead 1,645
\nCopyright \u00a9 2000-2017 by John Wiley & Sons, Inc. or related companies. All rights reserved.<\/p>\n
Question Attempts: 0 of 5 used
\nPrint by: Ashley Patros
\nBA_7000_1701_003.005_COMB: Winter 2017 BA 7000 Sec 003.005 (COMBINED) \/ HW CH 2
\n*Exercise 2-4
\nManufacturing cost data for Orlando Company, which uses a job order cost system, are presented
\nbelow.
\nIndicate the missing amount for each letter. Assume that in all cases manufacturing overhead is
\napplied on the basis of direct labor cost and the rate is the same. (Round overhead rate to 2
\ndecimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,275.)
\nCase A Case B Case C
\nDirect
\nmaterials
\nused
\n$
\n(a) $92,100 $74,150
\nDirect labor 58,000 150,900 (h)
\nManufacturing
\noverhead
\napplied
\n37,700 (d) (i)
\nTotal
\nmanufacturing
\ncosts
\n148,550 (e) 221,000
\nWork in
\nprocess
\n1\/1\/17
\n(b) 19,000 18,200
\nTotal cost of
\nwork in
\nprocess
\n208,200 (f) (j)
\nWork in
\nprocess
\n12\/31\/17
\n(c) 16,800 (k)
\nCost of goods
\nmanufactured 197,700 (g) 228,000
\nCopyright \u00a9 2000-2017 by John Wiley & Sons, Inc. or related companies. All rights reserved.<\/p>\n","protected":false},"excerpt":{"rendered":"
Business Accounting 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\u2019s fiscal year ends on November 30. The following accounts are found in Read More …<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-95273","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/95273","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=95273"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/95273\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=95273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=95273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=95273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}