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:
Job 114 Job 115 Job 116
Direct materials $2,411 $2,640 $3,650
Direct labor 1,800 1,560 4,300
Applied overhead 1,170 1,014 2,795
Materials purchased on account, $30,000. Materials requisitioned: Job 114, $16,500; Job 115, $12,000; and Job 116, $5,000. Job tickets were collected and summarized: Job 114, 150 hours at $14 per hour; Job 115, 220 hours at $18 per hour; and Job 116, 80 hours at $18 per hour. Overhead is applied on the basis of direct labor cost. Actual overhead was $4,807. Job 115 was completed and transferred to the finished goods warehouse. (1) Job 115 was shipped, and (2) the customer was billed for 125 percent of the cost.
Required:
a. Prepare journal entries for the April transactions.
b. 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.
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On April 1, Sangvikar Company had the following balances in its inventory accounts:
Materials Inven...
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