Refer to Exercise 5.12.

In Exercise 5.12

On April 1, Sangvikar Company had the following balances in its inventory accounts:

Materials Inventory ................................... $12,730

Work-in-Process Inventory ........................... 21,340

Finished Goods Inventory .............................. 8,700

Work-in-process inventory is made up of three jobs with the following costs:

During April, Sangvikar experienced the transactions listed below.
a. Materials purchased on account, $29,000.
b. Materials requisitioned: Job 114, $16,500; Job 115, $12,200; and Job 116, $5,000.
c. Job tickets were collected and summarized: Job 114, 150 hours at $12 per hour; Job 115, 220 hours at $14 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 $4,415.
f. Job 115 was completed and transferred to the finished goods warehouse.
g. Job 115 was shipped, and the customer was billed for 125 percent of the cost.
Required:
1. Prepare journal entries for the April transactions.
2. Calculate the ending balances of each of the inventory accounts as of April 30.

Transcribed Image Text:

Job 114 Job 115 Job 116 Direct materials Direct labor Applied overhead $2,411 1,800 1,170 $2,640 1,560 1,014 $3,650 4,300 2,795