Job Cost Flows, Journal Entries On April 1, Sangvikar Company had the following balances in its inventory accounts: $12,760 Materials Inventory Work-in-Process Inventory Finished Goods Inventory 21,320 8,700 Work-in-process inventory is made up of three jobs with the following costs: Job 114 Job 115 Job 116 Direct materials $2,774 $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, $28,000 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 $16 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 $4,633. 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: Check My Work 1 more Check My Work uses remaining Previous Next All work saved. Save and Exit Submit Assignment for Gradin eBook Calculator Print Item d. Work in Process 4,326 Overhead Control 4,326 4,633 Overhead Control Various Accounts 4,633 f. 17,632 X Finished Goods Work in Process 17,632 X 9 (1) 17,632 X Cost of Goods Sold Finished Goods 17.632 X 9 (2) Accounts Receivable 22,040 X Sales Revenue 22,040 X Work in Process Bal. 21,320 (f) 17,632 X (b) (c) (d) 33,500 7,210 4,326 48,724 X 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 b focus on the normal balance of the accounts. What is the increasing side? The decreasing side? This will be helpful whe journalized transactions. Finished Goods Bal. 17,632 X (f) 8,700 (91) 17,632 X 8,700