3. Prepare the journal 79. The selling price is 140 percent of cost. OBJECTIVE 3 Exercise 5.12 Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost On April 1, Sangvikar Company had the following balances in its inventory accounts: $12,730 Materials Inventory 21,340 Work-in-Process Inventory 8,700 Finished Goods Inventory Work-in-process inventory is made up of three jobs with the following costs: Job 114 Job 115 Job 116 $2,411 Direct materials $2,640 $3,650 Direct labor 1,800 1,560 4,300 Applied overhead 1,170 1,014 2,795 During April, Sang a. Materials oril. Sangvikar experienced the transactions listed below. terials purchased on account, $29,000. als requisitioned: Job 114, 316,500; Job 115, $12,200; and Job 116, $5,000. ickets were collected and summarized: Job 114, 150 hours at $12 per hour; Job 115, urs at $14 per hour; and Job 116, 80 hours at $18 per hour. rhead is applied on the basis of direct labor cost. b. Materials reau c Job tickets 220 hours at $14 "Actual overhead was $4,415. d. Overhead i 5 was completed and transferred to the finished goods warehouse. 15 was shipped, and the customer was billed for 125 percent of the cost. f Job 115 was ca g. Job 115 was shi Required: 1. Calculate the pr ulate the predetermined overhead rate based on direct labor cost. Calculate the ending balance for each job as of April 30. alculate the ending balance of Work in Process as of April 30