Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost

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

Materials Inventory $12,730

Work-in-Process Inventory 21,340

Finished Goods Inventory 8,700

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

Job 114 Job 115 Job 116

Direct materials $2,411 $2,640 $3,650

Direct labor 1,800 1,560 4,300

Applied overhead 1,170 1,014 2,795

During April, Sangvikar experienced the transactions listed below.

Materials purchased on account, $29,000

Materials requisitioned: Job 114, $16,500; Job 115, $12,200; and Job 116, $5,000.

Job tickets were collected and summarized: Job 114, 150 hours at $12 per hour; Job 115, 220 hours at $14 per hour; and Job 116, 80 hours at $18 per hour. Overhead is applied on the basis of direct labor cost.

Actual overhead was $4,415.

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.

1. Prepare journal entries for April transactions

2. Calculate the ending balances of each of the inventory accounts as of April 30