Job Cost Flows, Journal Entries 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 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. (1) Job 115 was shipped, and (2) the customer was billed for 125 percent of the cost. Required: 1. Prepare journal entries for the April transactions. a. Materials 29,000 Accounts Payable 29,000 Work in Process 33,700 Materials 33,700 Work in Process 6,320 Overhead Control x 6,320 Work in Process V d. 4,108 Overhead Control 4,108 Cash x 4,415 ~ Overhead Control x 4,415 Overhead Control x 4,415 X Accounts Payable x 4,415 X 9 (1). Cost of Goods Sold - Finished Goods 22,496 9 (2). Accounts Receivable 28,120 Sales Revenue 28,120 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. Materials (a) x (6) 33,700 (b) X 12,730 29,000 41,730 X Work in Process (91) X 42,972 X (b) x (b) (c) 21,340 33,700 6,320 4,108 65,468 x (d) Finished Goods (91) 31,196 x (a) X (91) X 8,700 22,496 31,196 x