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 2. On December 1. twojobs 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 $ 16,600. Overhead was applied at a rate that was 75% of direct labor cost. 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 $ 3,900 and direct labor $5,300, plus manufacturing overhead. All jobs, except for Job No. 158, were completed in December On December 1, Job No. 153 was in the finished goods warehouse. It had a total cost of $ 5,600. On December 31, Job No. 157 was the only job finished that was not sold. It had a cost of $4,200 Manufacturing overhead was $ 1,595 underapplied in December. 3. 4. Raw Materials Inventory Dec. 1 Beginning balance 7710 (a) Dec. 31 Requisitions 18,150 18,625 31 Purchases Dec. 31 Ending balance 8,185 Work in Process Inventory Dec 1 Beginning balance (b) Dec 31 Jobs completed ( 31 Direct materials 9850 (c) 31 Direct labor 8.900 31 Overhead (d) Dec. 31 Ending balance le) Finished Goods Inventory Dec 1 Beginning balance (g) Dec.31 Cost of goods sold 31 Completed jobs (h) Dec 31 Ending balance ) Factory Labor Dec. 31 Factory wages 12.225 Dec 31 Wages assigned (k) Manufacturing Overhead Dec 31 Indirect materials 3,200 Dec. 31 Overhead applied (m) 31 Indirect labor 31 Other overhead 1,745 1 Search 2 H >> F