Job Cost Flows, Journal Entries On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory $12,720 Work-in-Process Inventory 21,350 Finished Goods Inventory 8,600 Work-in-process inventory is made up of three jobs with the following costs: Job 114 Job 115 Job 116 Direct materials $2,804 $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, $12,000; 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 135 percent of the cost. Required: 1. Prepare journal entries for the April transactions. a. Materials 28,000 X Accounts Payable 28,000 X b. 33,900 X Work in Process Materials 33,900 x 7,430 Work in Process Wages Payable 7,430 d. Work in Process 4,458 Overhead Control 4,458 e. Overhead Control 4,765 Accounts Payable 4,765 f. 23,520 X Finished Goods Work in Process 23,520 x 9 (1). Cost of Goods Sold 23,520 x Finished Goods 23,520 x 9 (2). Accounts Receivable 29,400 x Sales Revenue 29,400 X 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 Bal. 12,720 (b) 33,900 x (a) 28,000 X 6,820 X Feedback Work in Process Bal. 21,350 (f) 23,520 x (b) 33,900 x