P20.5 (LO 1, 2, 3, 4, 5), AN 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. Raw Materials Inventory Dec. 1 Beginning balance (a) Dec. 31 Requisitions 16,850 31 Purchases 17,225 Dec. 31 Ending balance 7,975 Work in Process Inventory Dec. 1 Beginning balance (b) Dec. 31 Jobs completed (f) 31 Direct materials (c) 31 Direct labor 8,400 31 Overhead (d) Dec. 31 Ending balance (e) Finished Goods Inventory Dec. 1 Beginning balance (g) Dec. 31 Cost of goods sold (i) 31 Jobs completed (h) Dec. 31 Ending balance (j) Factory Labor Dec. 31 Factory wages 12,025 Dec. 31 Wages assigned (k) Manufacturing Overhead Dec. 31 Manufacturing Overhead 31 Indirect materials 3 Indirect labor 2,900 (1) Dec. 31 Overhead applied (m) 31 Other overhead 1,245 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 combined 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 finished job that was not sold. It had a cost of $4,000. 4. Manufacturing overhead was $1,470 underapplied in December