Business, 13.10.2020 03:01 jadeandryna0609

On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory $12,990
Work-in-Process Inventory 21,150
Finished Goods Inventory 8,860
Work-in-process inventory is made up of three jobs with the following costs:
Job 114 Job 115 Job 116
Direct materials $2,429 $2,692 $4,869
Direct labor 1,780 1,580 4,080
Applied overhead 890 790 2,040
During April, Sangvikar experienced the transactions listed below.
1. Materials purchased on account, $29,340.
2. Materials requisitioned: Job 114, $16,030; Job 115, $11,930; and Job 116, $5,500.
3. Job tickets were collected and summarized: Job 114, 140 hours at $12 per hour; Job 115, 210 hours at $14 per hour; and Job 116, 90 hours at $18 per hour.
4. Overhead is applied on the basis of direct labor cost.
5. Actual overhead was $4,325.
6. Job 115 was completed and transferred to the finished goods warehouse.
7. Job 115 was shipped, and the customer was billed for 125 percent of the cost.
Instructions:
1) Calculate the predetermined overhead rate based on direct labor cost
2) Calculate the ending balance for each job as of April 30
3) Calculate the ending balance of work-in-process as of April 30
4) Calculate the cost of Goods Sold for April
5) Assuming that Sangvikar prices its jobs at cost plus 25 percent, calculate the price of the one job that was sold during April (round to the nearest dollar)

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 11:20

In 2000, campbell soup company launched an ad campaign that showed prepubescent boys offering soup to prepubescent girls. the girls declined because they were concerned about their calorie intake. the boys explained that “lots of campbell’s soups are low in calories,” which made them ok for the girls to eat. the ads were pulled after parents expressed concern. why were parents worried? i

Answers: 2

Answer

Business, 22.06.2019 17:50

The management of a supermarket wants to adopt a new promotional policy of giving a free gift to every customer who spends > a certain amount per visit at this supermarket. the expectation of the management is that after this promotional policy is advertised, the expenditures for all customers at this supermarket will be normally distributed with a mean of $95 and a standard deviation of $20. if the management wants to give free gifts to at most 10% of the customers, what should the amount be above which a customer would receive a free gift?

Answers: 1

Answer

Business, 22.06.2019 21:00

Reagan corporation is a wholesale distributor of truck replacement parts. initial amounts taken from reagan's records are as follows:

Answers: 1

Answer

Business, 22.06.2019 21:40

Inventory by three methods; cost of goods sold the units of an item available for sale during the year were as follows: jan. 1 inventory 20 units at $1,800 may 15 purchase 31 units at $1,950 aug. 7 purchase 13 units at $2,040 nov. 20 purchase 16 units at $2,100 there are 18 units of the item in the physical inventory at december 31. determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form: round your final answers to the nearest dollar. cost inventory method ending inventory cost of goods sold a. first-in, first-out method $ $ b. last-in, first-out method $ $ c. weighted average cost method $ $

Answers: 3

Answer

You know the right answer?

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

Questions