On April 1, Sangvikar Company had the following balances in its inventory accounts Materials Inventory $12,900 Work in Process Inventory 21,260 Finished Goods Inventory 8,550 Work in process inventory is made up of three jobs with the following costs Job 114 Job 115 Job 116 Direct materials $2,394 $2,673 $4,643 Direct labor 1,780 1,540 4,380 Applied overhead 890 770 2,190 During April, Sangvikar experienced the transactions listed below Materials purchased on account, $28,530 Materials requisitioned Job 114, $16,760 Job 115, $11,710 and Job 116, $5,050 Job tickets were collected and summarized Job 114, 170 hours at $11 per hour Job 115, 210 hours at $14 per hour and Job 116, 100 hours at $18 per hour Overhead is applied on the basis of direct labor cost Actual overhead was $4,320 Job 115 was completed and transferred to the finished goods warehouse Job 115 was shipped, and the customer was billed for 125 percent of the cost Required 1 Calculate the predetermined overhead rate based on direct labor cost of direct labor cost 2 Calculate the ending balance for each job as of April 30 When required, round your answers to the nearest dollar Use your rounded answers in subsequent computations, if necessary Ending Balance Job 114 Job 115 Job 116 3 Calculate the ending balance of Work in Process as of April 30 When required, round your answer to the nearest dollar 4 Calculate the cost of goods sold for April When required, round your answer to the nearest dollar 5 Assuming that Sangvikar prices its jobs at cost plus 25 percent, calculate the price of the one job that was sold during April When required, round your answer to the nearest dollar

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On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory $12,900 Work-in-Process Inventory 21,260 Finished Goods Inventory 8,550 Work-in-process inventory

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

Materials Inventory $12,900

Work-in-Process Inventory 21,260

Finished Goods Inventory 8,550

Work-in-process inventory is made up of three jobs with the following costs:

Job 114 Job 115 Job 116

Direct materials $2,394 $2,673 $4,643

Direct labor 1,780 1,540 4,380

Applied overhead 890 770 2,190

During April, Sangvikar experienced the transactions listed below.
1. Materials purchased on account, $28,530.
2. Materials requisitioned: Job 114, $16,760; Job 115, $11,710; and Job 116, $5,050.
3. Job tickets were collected and summarized: Job 114, 170 hours at $11 per hour; Job 115, 210 hours at $14 per hour; and Job 116, 100 hours at $18 per hour.
4. Overhead is applied on the basis of direct labor cost.
5. Actual overhead was $4,320.
6. Job 115 was completed and transferred to the finished goods warehouse.
7. Job 115 was shipped, and the customer was billed for 125 percent of the cost.
Required:

1. Calculate the predetermined overhead rate based on direct labor cost.

______ % of direct labor cost

2. Calculate the ending balance for each job as of April 30. When required, round your answers to the nearest dollar. Use your rounded answers in subsequent computations, if necessary.

Ending Balance

Job 114

Job 115

Job 116

3. Calculate the ending balance of Work in Process as of April 30. When required, round your answer to the nearest dollar.

4. Calculate the cost of goods sold for April. When required, round your answer to the nearest dollar.

5. Assuming that Sangvikar prices its jobs at cost plus 25 percent, calculate the price of the one job that was sold during April. When required, round your answer to the nearest dollar.