Job Cost Flows, Journal Entries On April 1, Sangvikar Company had the following balances in its...

  
 

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Job Cost Flows, Journal Entries On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory $12,720 21,350 8,700 Work-in-Process Inventory Finished Goods Inventory Work-in-process inventory is made up of three jobs with the following costs: Job 114 Job 115 Job 116 $2,640 $3,650 1,560 Direct materials Direct labor Applied overhead During April, Sangvikar experienced the transactions listed below. a. Materials purchased on account, $30,000. b. Materials requisitioned: Job 114, $16,500; Job 115, $12,400; and Job 116, $5,000. c. Job tickets were collected and summarized: Job 114, 150 hours at $15 per hour; Job 115, 220 hours at $17 per hour; and Job 116, 80 hours at $18 per hour.. d. Overhead is applied on the basis of direct labor cost. e. Actual overhead was $4,765. f. Job 115 was completed and transferred to the finished goods warehouse. g. (1) Job 115 was shipped, and (2) the customer was billed for 130 percent of the cost. Required: $2,804 1,800 1,080 936 4,300 2,580 1. Prepare journal entries for the April transactions. a. b. C. d. e. f. Materials Accounts Payable Work in Process Materials Work in Process Wages Payable Work in Process Overhead Control Overhead Control Various Accounts Finished Goods Work in Process g (1). Cost of Goods Sold Finished Goods 30,000 33,900 7,430 4,458 4,765 30,000 33,900 7,430 4,458 4,765 g (2). Accounts Receivable Sales Revenue Feedback Check My Work Review how the flow of inventory from Raw materials to Work in Process to Finished goods is journalized. . Calculate the ending balances of each of the inventory accounts as of April 30. Post the entries to the T-accounts in the same order in which they were journalized. Materials Feedback Check My Work Set up T accounts to calculate ending balances inventory. Job Cost Flows, Journal Entries On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory $12,720 21,350 8,700 Work-in-Process Inventory Finished Goods Inventory Work-in-process inventory is made up of three jobs with the following costs: Job 114 Job 115 Job 116 $2,640 $3,650 1,560 Direct materials Direct labor Applied overhead During April, Sangvikar experienced the transactions listed below. a. Materials purchased on account, $30,000. b. Materials requisitioned: Job 114, $16,500; Job 115, $12,400; and Job 116, $5,000. c. Job tickets were collected and summarized: Job 114, 150 hours at $15 per hour; Job 115, 220 hours at $17 per hour; and Job 116, 80 hours at $18 per hour.. d. Overhead is applied on the basis of direct labor cost. e. Actual overhead was $4,765. f. Job 115 was completed and transferred to the finished goods warehouse. g. (1) Job 115 was shipped, and (2) the customer was billed for 130 percent of the cost. Required: $2,804 1,800 1,080 936 4,300 2,580 1. Prepare journal entries for the April transactions. a. b. C. d. e. f. Materials Accounts Payable Work in Process Materials Work in Process Wages Payable Work in Process Overhead Control Overhead Control Various Accounts Finished Goods Work in Process g (1). Cost of Goods Sold Finished Goods 30,000 33,900 7,430 4,458 4,765 30,000 33,900 7,430 4,458 4,765 g (2). Accounts Receivable Sales Revenue Feedback Check My Work Review how the flow of inventory from Raw materials to Work in Process to Finished goods is journalized. . Calculate the ending balances of each of the inventory accounts as of April 30. Post the entries to the T-accounts in the same order in which they were journalized. Materials Feedback Check My Work Set up T accounts to calculate ending balances inventory.

Answer rating: 100% (QA)

OH rate as of DLC Total OH allocated in Job 114 Divide ... View the full answer