Answer:
Phillips Corporation
a = 9,050 beginning balance Raw Materials
b = 36,660 beginning balance WIP
c = 15,650 direct materials
d = 6,825 Overhead applied
e = 13,500 Ending balance WIP
f = 5,500 beginning balance Finished Goods
g = 54,625 Completed jobs
h = 4,300 ending balance Finished Goods
i = 9,100 wages assigned
j = d
k = 3,125 indirect labor
l = 1,145 Underapplied overhead
m = 55,825 cost of goods sold
Explanation:
a) Data and Analysis:
1. Jobs in process:
Job No. 154 and Job No. 155
Combined direct materials costs    $9,950
Combined direct labor costs            15,200
Overhead applied (75%)                    11,400
Total work in process, beginning $36,550
2. Jobs started in December:
              Job Nos. 156,           157, and       158 
Direct materials                                     $4,400
Direct labor                                             5,200
Overhead applied (75%)                        3,900
Total work in process                        $13,500
Beginning work in process = $36,550
Ending work in process = $13,500
Beginning Finished Goods Inventory: Job 153 $5,500
Ending Finished Goods Inventory: Job 157 $4,300
Raw Materials Inventory 
Dec. 1 Beginning balance  9,050 (a)  
Dec. 31 Requisitions                      18,950 
Dec. 31 Purchases           18,025 
Dec. 31 Ending balance                  8,125
Total                                27,075  27,075 
a = $9,050 (27,075 - $18,025)
Work in Process Inventory 
Dec. 1 Beginning balance $36,550  b. 
Dec. 31 Jobs completed               54,625 (g)
Dec. 31 Direct materials     15,650  c. 
Dec. 31 Direct labor              9,100 
Dec. 31 Overhead                6,825  d. 
Dec. 31 Ending balance                13,500 e.
Finished Goods Inventory 
Dec. 1 Beginning balance        5,500 f
Dec. 31 Cost of goods sold            55,825 (m) 
Dec. 31 Completed jobs    54,625 g.
g. Dec. 31 Ending balance                  4,300 h
Factory Labor 
Dec. 31 Factory wages         12,225 
Dec. 31 Wages assigned                    9,100
Dec. 31 Overhead                               3,125
 
Manufacturing Overhead 
Dec. 31 Indirect materials 3,300 
Dec. 31 Overhead applied                 6,825  d. 
Dec. 31 Indirect labor        3,125  k. 
Dec. 31 Other overhead   1,545
Dec. 31 Underapplied overhead        1,145