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	$12,840
Work-in-Process Inventory	21,700
Finished Goods Inventory	8,720

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

	Job 114	Job 115	Job 116
Direct materials	$2,438	$2,621	$4,035
Direct labor	1,900	1,480	4,260
Applied overhead	1,235	962	2,769

During April, Sangvikar experienced the transactions listed below.

1. Materials purchased on account, $29,320.
2. Materials requisitioned: Job 114, $16,600; Job 115, $11,750; and Job 116, $4,600.
3. Job tickets were collected and summarized: Job 114, 130 hours at $11 per hour; Job 115, 230 hours at $14 per hour; and Job 116, 70 hours at $19 per hour.
4. Overhead is applied on the basis of direct labor cost.
5. Actual overhead was $4,400.
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.