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 8,700 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 uring 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 $12 per hour; Job 115, 220 hours at $18 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 $4,627. f. Job 115 was completed and transferred to the finished goods warehouse. 9. (1) Job 115 was shipped, and (2) the customer was billed for 125 percent of the cost. Required: 18,770 Overhead Control Wages Payable 85,770 d. Overhead Control 46,200 Various Payables 46,200 e. Work in Process 7,370 x Overhead Control 7,370 X f. Finished Goods 235,700 Work in Process 235,700 9 (1) Cost of Goods Sold Finished Goods 9 (2). Accounts Receivable II Sales Revenue h. Cost of Goods Sold 9 (1). Cost of Goods Sold Finished Goods 9 (2). Accounts Receivable Sales Revenue Feedback Check My Work Review Objective 4 which shows what journal entries should be made for the month. 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. Work in Process Bal. Work in Process Feedback Check My Work The use of T-accounts would provide a good picture of balances and transactions for the month ending in an April 30 balance. Re focus on the normal balance of the accounts. What is the increasing side? The decreasing side? This will be helpful when posting transactions. Finished Goods Finished Goods