Reference no: EM133144750
Question - On April 1, Sangvikar Company had the following balances in its inventory accounts:
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Materials Inventory
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$12,760
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Work-in-Process Inventory
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21,320
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Finished Goods Inventory
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8,700
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Work-in-process inventory is made up of three jobs with the following costs:
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Job 114
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Job 115
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Job 116
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Direct materials
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$2,774
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$2,640
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$3,650
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Direct labor
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1,800
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1,560
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4,300
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Applied overhead
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1,080
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936
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2,580
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During April, Sangvikar experienced the transactions listed below.
1. Materials purchased on account, $28,000.
2. Materials requisitioned: Job 114, $16,500; Job 115, $12,400; and Job 116, $5,000.
3. Job tickets were collected and summarized: Job 114, 150 hours at $15 per hour; Job 115, 220 hours at $15 per hour; and Job 116, 80 hours at $18 per hour.
4. Overhead is applied on the basis of direct labor cost.
5. Actual overhead was $4,501.
6. Job 115 was completed and transferred to the finished goods warehouse.
7. (1) Job 115 was shipped, and (2) the customer was billed for 125 percent of the cost.
Required - Prepare journal entries for the April transaction.
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