On April 1, Sangvikar Company had the following balances in its inventory accounts:
Materials Inventory $12,720
Work-in-Process Inventory 21,320
Finished Goods Inventory 8,700
Work-in-process inventory is made up of three jobs with the following costs:
Job 114 Job 115 Job 116
Direct materials $2,774 $2,640 $3,650
Direct labor 1,800 1,560 4,300
Applied overhead 1,080 936 2,580
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 140 percent of the cost.
Required:
Prepare journal entries for the April transactions.
Answers: 1
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On April 1, Sangvikar Company had the following balances in its inventory accounts:
Materials Inven...
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