Job Cost Flows, Journal Entries On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials $12,760 Inventory Work-in-Process 21,350 Inventory Finished Goods 8,800 Inventory Work-in-process inventory is made up of three jobs with the following costs: Job Job Job 114 115 116 Direct $2,804 $2,640 $3,650 materials Direct labor 1,800 1,560 4,300 Applied 1,080 936 overhead 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 $13 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 $4,717. 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. Materials 30,000 Accounts Payable 30,000 a. b. 33,900 x Work in Process Materials 33,900 x c. Work in Process V Wages Payable 7,430 x 7,430 x d. Work in Process Overhead Control 4,458 x 4,458 x e. 4,765 x Overhead Control Various Accounts 4,765 x f. Finished Goods Work in Process 23,520 x 23,520 x 9 (1). Cost of Goods Sold Finished Goods 23,520 23,520 x 31,752 9 (2). Accounts Receivable Sales Revenue 31,752 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. 12,76 (b) 33,90 (a) 30,00 8,860 x Feedback Work in Process 23,52 x Bal. (b) (c) (d) 21,35 (f) 33,90 7,430 x 4,458 x 43,61 x Feedback Finished Goods Bal. 23,52 x (f) 8,800 (91) 23,52 x 8,800