Question
On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory $12,760 Work-in-Process Inventory 21,320 Finished Goods Inventory 8,600 Work-in-process inventory
On April 1, Sangvikar Company had the following balances in its inventory accounts:
| Materials Inventory | $12,760 |
| Work-in-Process Inventory | 21,320 |
| 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 | $2,774 | $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.
- Materials purchased on account, $28,000.
- Materials requisitioned: Job 114, $16,500; Job 115, $12,000; and Job 116, $5,000.
- 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.
- Overhead is applied on the basis of direct labor cost.
- Actual overhead was $4,411.
- Job 115 was completed and transferred to the finished goods warehouse.
- (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. | fill in the blank 412c5cfa300806a_2 | ||
| fill in the blank 412c5cfa300806a_4 | |||
| b. | fill in the blank 412c5cfa300806a_6 | ||
| fill in the blank 412c5cfa300806a_8 | |||
| c. | fill in the blank 412c5cfa300806a_10 | ||
| fill in the blank 412c5cfa300806a_12 | |||
| d. | fill in the blank 412c5cfa300806a_14 | ||
| fill in the blank 412c5cfa300806a_16 | |||
| e. | fill in the blank 412c5cfa300806a_18 | ||
| fill in the blank 412c5cfa300806a_20 | |||
| f. | fill in the blank 412c5cfa300806a_22 | ||
| fill in the blank 412c5cfa300806a_24 | |||
| g (1). | fill in the blank 412c5cfa300806a_26 | ||
| fill in the blank 412c5cfa300806a_28 | |||
| g (2). | fill in the blank 412c5cfa300806a_30 | ||
| fill in the blank 412c5cfa300806a_32 |
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 | |||
|---|---|---|---|
| fill in the blank 9f842c079fa302f_2 | fill in the blank 9f842c079fa302f_4 | ||
| fill in the blank 9f842c079fa302f_6 | |||
| fill in the blank 9f842c079fa302f_7 | |||
| Work in Process | |||
|---|---|---|---|
| fill in the blank 0a3ea6039f85fd0_2 | fill in the blank 0a3ea6039f85fd0_4 | ||
| fill in the blank 0a3ea6039f85fd0_6 | |||
| fill in the blank 0a3ea6039f85fd0_8 | |||
| fill in the blank 0a3ea6039f85fd0_10 | |||
| fill in the blank 0a3ea6039f85fd0_11 | |||
| Finished Goods | |||
|---|---|---|---|
| fill in the blank 89760affbf8e005_2 | fill in the blank 89760affbf8e005_4 | ||
| fill in the blank 89760affbf8e005_6 | |||
| fill in the blank 89760affbf8e005_7 | |||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Reporting Financial Statement Analysis And Valuation A Strategic Perspective
Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
8th Edition
1088
