Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer in away i can clearly see which answer belongs with what. On April 1, Sangvikar Company had the following balances in its inventory

please answer in away i can clearly see which answer belongs with what.
image text in transcribed
image text in transcribed
On April 1, Sangvikar Company had the following balances in its inventory accounts: Work-in-process inventory is made up of three jobs with the following costs: During April, Sangvikar experienced the transactions listed below. a. Moterials purchased on account, $28,969. b. Matertais requisitioned: Job 114,$16,150; Job 115,$12,630; and Job 116,$5,100. c. Job tickets were collected end summarized: Job 114,170 hours at $11 per hour; Job 115,240 hours at $15 per hour; and Job 116 , 80 hours at $19 per hour d. Overhead is applied on the basis of direct tabor cost. e. Actual overhead was $4,695. f. Job 115 was completed and transferred to the Finlshed goods warehouse. 9. 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. W 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. 3. Calculate the ending balance of Work in Process as of Aprit 30. When required, round your answer to the nearest dollar. 4. Colculate the cost of goods sold for Aprit. When required, round your answer to the nearest dollar. 5. Assuming that Sangvikar prices its jobs at cost phis 25 percent, calculate the prich of the one job that was wold during Aprii. When required, round your answer to the nearest doliar

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting A Valuation Emphasis

Authors: John S. Hughes, Frances L. Ayres, Robert E. Hoskin

1st Edition

0471203599, 978-0471203599

More Books

Students also viewed these Accounting questions

Question

What made you decide on this subfield of psychology?

Answered: 1 week ago