Job Cost Flows, Journal Entries

On April 1, Sangvikar Company had the following balances in its inventory accounts:

Materials Inventory	$12,760
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.

1. Materials purchased on account, $30,000.
2. Materials requisitioned: Job 114, $16,500; Job 115, $12,000; and Job 116, $5,000.
3. Job tickets were collected and summarized: Job 114, 150 hours at $13 per hour; Job 115, 220 hours at $17 per hour; and Job 116, 80 hours at $18 per hour.
4. Overhead is applied on the basis of direct labor cost.
5. Actual overhead was $4,585.
6. Job 115 was completed and transferred to the finished goods warehouse.
7. (1) Job 115 was shipped, and (2) the customer was billed for 130 percent of the cost.

Job Cost Flow, Journal Entre On April 1, Sangkar Company had the following balances in its inventory accounts: Materials inventory 312,760 Work In Process Inventory 21,350 Finished Goode Inventory 3.600 works inventory is made up of the jobs with the following costs: Job 114 Job 115 Job 116 Direct materials 52.64 52.640 $3,650 Direct labor 1.500 1.560 4,300 > od that 1.000 2.580 During Art, Sangkar experienced the transactions listed below a. Material purchased on a $30,000 b. Meridioned: ob 114,516,500; Job 115, 112.000; and Job 116, 15,000. Job tits were collected and summarized: Sob 114, 150 hours at $12 per hour Job 115, 220 hours at 317 per hour and Job 116, 30 hours at $18 per hour. d. Overhead is applied on the basis of direct labor cost. A verhead was 54.585 ob 115 was completed and transferred to the finished goods warehouse (1) ob 115 was hoped, and (2) the customer wasbilled for $30 percent of the cost Required: 936 1. Prepare journal entries for the April transactions. Materials 30,000 a. Accounts Payable 30,000 b. Work in Process 33,500 Materials 33,500 C. Work in Process 7.130 Wages Payable 7,130 d. Work in Process 4,458 X Overhead Control 4,458 X e. Overhead Control 4,585 Various Accounts 4,585 f. Finished Goods 23,520 Work in Process 23,520 X 9 (1). Cost of Goods Sold 23,520 x Finished Goods 23,520 X 9 (2). Accounts Receivable 31,752 X Sales Revenue 31,752 Feedback Materials 33,500 Bal. 12,760 (6) 30,000 8,860 X Feedback Check My Work Set up T accounts to calculate ending balances inventory. Work in Process Bal. 21,350 33,500 23,520 x (b) 7,130 (d) 4,458 43,618 x Feedback Check My Work Set up T accounts to calculate ending balances inventory. Finished Goods Bal. (0) 8,600 (1 23,520 X 23,520 X 8,600