3. Prepare the journal entries reflecting the compu 79. The selling price is 140 percent of cost. OBJECTIVE 3 4 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 115 Job 116 Job 114 Direct materials $2,411 $3,650 $2,640 Direct labor 1,800 1,560 4,300 Applied overhead 1,170 2,795 1,014 Chapter 5 Product and Service Costing: Job-Order System During April, Sangvi a. Materials b. Materials requi April, Sangvikar experienced the transactions listed below ! aterials purchased on account, $29,000. als requisitioned: Job 114, $16,500; Job 115, $12.200; and Job 116, $5,000. ckets were collected and summarized: Job 114, 150 hours at $12 per hour; Job 115, ours at $14 per hour; and Job 116, 80 hours at $18 per hour. Querhead is applied on the basis of direct labore c. Job tickets were 220 hours at $14 Actual overhead was $4,415. 115 was completed and transferred to the finished goods warehouse. 115 was shipped, and the customer was billed for 125 percent of the cost. g. Job 115 was sh Required: Calculate the predetermined overhead rate based on direct labor cost. Calculate the ending balance for each job as of April 30. ? Calculate the ending balance of Work in Process as of April 30. 4. Calculate the cost of goods sold for April. 5 Assuming that Sangvikar prices its jobs at cost plus 25 percent, calculate the price of the one job that was sold during April. (Round to the nearest dollar.)