Chapter 5 Question 4

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Job Cost Flows, Journal Entries On April 1, Sangvikar Company had the following balances in its inventory accounts: 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, $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 $13 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 $4,585. 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 140 percent of the cost. Required: 2. 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