P2.5A (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. Dec. 1 Beginning balance 31 Purchases Dec. 31 Ending balance Raw Materials Inventory (a) 17,225 7,975 Dec. 31 Requisitions 16,850