Exercise 5.12 (Algorithmic) Predetermined Overhead Rate,Application of Overhead to Jobs, Job Cost On April 1, SangvikarCompany had the following balances in its inventory accounts:Materials Inventory $12,820 Work-in-Process Inventory 21,380Finished Goods Inventory 8,710 Work-in-process inventory is made upof three jobs with the following costs: Job 114 Job 115 Job 116Direct materials $2,436 $2,695 $5,058 Direct labor 1,780 1,4204,020 Applied overhead 979 781 2,211 During April, Sangvikarexperienced the transactions listed below. Materials purchased onaccount, $29,300. Materials requisitioned: Job 114, $16,720; Job115, $11,750; and Job 116, $5,280. Job tickets were collected andsummarized: Job 114, 130 hours at $12 per hour; Job 115, 230 hoursat $15 per hour; and Job 116, 90 hours at $19 per hour. Overhead isapplied on the basis of direct labor cost. Actual overhead was$4,590. Job 115 was completed and transferred to the finished goodswarehouse. Job 115 was shipped, and the customer was billed for 125percent of the cost. Required: 1. Calculate the predeterminedoverhead rate based on direct labor cost. 55 % of direct labor cost2. Calculate the ending balance for each job as of April 30. Whenrequired, round your answers to the nearest dollar. Use yourrounded answers in subsequent computations, if necessary. EndingBalance Job 114 $ Job 115 $ Job 116 $ 3. Calculate the endingbalance of Work in Process as of April 30. When required, roundyour answer to the nearest dollar. $ 4. Calculate the cost of goodssold for April. When required, round your answer to the nearestdollar. $ 5. Assuming that Sangvikar prices its jobs at cost plus25 percent, calculate the price of the one job that was sold duringApril. Round to the nearest dollar. $