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Job Cost Flows, Journal Entries On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory Work-in-Process Inventory Finished Goods Inventory $12,760 21,320 8,600 Work-in-process inventory is made up of three jobs with the following costs: Direct materials Direct labor Applied overhead Job 114 Job 115 Job 116 $2,774 $2,640 $3,650 1,800 1,560 4,300 1,080 936 2,580 During April, Sangvikar experienced the transactions listed below. a. Materials purchased on account, $30,000. b. Materials requisitioned: Job 114, $16,500; Job 115, $12,400; and Job 116, $5,000. c. Job tickets were collected and summarized: Job 114, 150 hours at $12 per hour; Job 115, 220 hours at $15 per hour, and Job 116, 80 hours at $18 per hour d. Overhead is applied on the basis of direct labor cost e. Actual overhead was $4,231. f Job 115 was completed and transferred to the finished goods warehouse. o (1) Job 115 was shipped, and (2) the customer was billed for 125 percent of the cost. Required: 1. Prepare journal entries for the April transactions. a. Materials Accounts Payable b. Work in Process Materials Work in Process Wages Payable d. Work in Process Overhead Control e. Overhead Control Various Accounts f. Finished Goods Work in Process g (1). Cost of Goods Sold Ciniched Conde 30,000 30,000 g (1). Cost of Goods Sold Finished Goods g(2). Accounts Receivable Sales Revenue Feedback Check My Work Review how the flow of inventory from Raw materials to Work in Process to Finished g 2. Calculate the ending balances of each of the inventory accounts as of April 30. Post the en Materials Work in Process Feedback Check My Work Set up T accounts to calculate ending balances inventory. Finished Goods

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