Job Cost Flows, Journal Entries On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory Work-in-Process Inventory Finished Goods Inventory $12,720 21,320 8,800 Work-in-process inventory is made up of three jobs with the following costs: Direct materials Direct labor Applied overhead Job 114 Job 115 Job 116 $2,774 $2,640 $3,650 1,800 1,560 4,300 1,080 936 2,580 During April, Sangvikar experienced the transactions listed below. a. Materials purchased on account, $28,000. 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 $14 per hour; Job 115, 220 hours at $15 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 $4,411. 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 Accounts Payable b. Work in Process Materials 28,000 28,000 33,900 33,900 C. Work in Process 6,840 Wages Payable 6,840