On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory $12,760 Work-in-Process Inventory 21,350 Finished Goods Inventory 8,600 Work-in-process inventory is made up of three jobs with the following costs: Job 114 Job 115 Job 116 Direct materials $2,804 $2,640 $3,650 Direct labor 1,800 1,560 4,300 Applied overhead 1,080 936 2,580 During April, Sangvikar experienced the transactions listed below. Materials purchased on account, $30,000. Materials requisitioned: Job 114, $16,500; Job 115, $12,400; and Job 116, $5,000. Job tickets were collected and summarized: Job 114, 150 hours at $14 per hour; Job 115, 220 hours at $14 per hour; and Job 116, 80 hours at $18 per hour. Overhead is applied on the basis of direct labor cost. Actual overhead was $4,279. Job 115 was completed and transferred to the finished goods warehouse. (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 fill in the blank 8ecddb082faa01c_2 Accounts Payable fill in the blank 8ecddb082faa01c_4 b. Work in Process fill in the blank 8ecddb082faa01c_6 Materials fill in the blank 8ecddb082faa01c_8 c. Work in Process fill in the blank 8ecddb082faa01c_10 Wages Payable fill in the blank 8ecddb082faa01c_12 d. Work in Process fill in the blank 8ecddb082faa01c_14 Overhead Control fill in the blank 8ecddb082faa01c_16 e. Overhead Control fill in the blank 8ecddb082faa01c_18 Various Accounts fill in the blank 8ecddb082faa01c_20 f. Finished Goods fill in the blank 8ecddb082faa01c_22 Work in Process fill in the blank 8ecddb082faa01c_24 g (1). Cost of Goods Sold fill in the blank 8ecddb082faa01c_26 Finished Goods fill in the blank 8ecddb082faa01c_28 g (2). Accounts Receivable fill in the blank 8ecddb082faa01c_30 Sales Revenue fill in the blank 8ecddb082faa01c_32 2. Calculate the ending balances of each of the inventory accounts as of April 30. Post the entries to the T-accounts in the same order in which they were journalized.

On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory $12,760 Work-in-Process Inventory 21,350 Finished Goods Inventory 8,600 Work-in-process inventory is made up of three jobs with the following costs: Job 114 Job 115 Job 116 Direct materials $2,804 $2,640 $3,650 Direct labor 1,800 1,560 4,300 Applied overhead 1,080 936 2,580 During April, Sangvikar experienced the transactions listed below. Materials purchased on account, $30,000. Materials requisitioned: Job 114, $16,500; Job 115, $12,400; and Job 116, $5,000. Job tickets were collected and summarized: Job 114, 150 hours at $14 per hour; Job 115, 220 hours at $14 per hour; and Job 116, 80 hours at $18 per hour. Overhead is applied on the basis of direct labor cost. Actual overhead was $4,279. Job 115 was completed and transferred to the finished goods warehouse. (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 fill in the blank 8ecddb082faa01c_2 Accounts Payable fill in the blank 8ecddb082faa01c_4 b. Work in Process fill in the blank 8ecddb082faa01c_6 Materials fill in the blank 8ecddb082faa01c_8 c. Work in Process fill in the blank 8ecddb082faa01c_10 Wages Payable fill in the blank 8ecddb082faa01c_12 d. Work in Process fill in the blank 8ecddb082faa01c_14 Overhead Control fill in the blank 8ecddb082faa01c_16 e. Overhead Control fill in the blank 8ecddb082faa01c_18 Various Accounts fill in the blank 8ecddb082faa01c_20 f. Finished Goods fill in the blank 8ecddb082faa01c_22 Work in Process fill in the blank 8ecddb082faa01c_24 g (1). Cost of Goods Sold fill in the blank 8ecddb082faa01c_26 Finished Goods fill in the blank 8ecddb082faa01c_28 g (2). Accounts Receivable fill in the blank 8ecddb082faa01c_30 Sales Revenue fill in the blank 8ecddb082faa01c_32 2. Calculate the ending balances of each of the inventory accounts as of April 30. Post the entries to the T-accounts in the same order in which they were journalized.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 13PA: The following events occurred during March for Ajax Company. Prepare a journal entry for each...

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

On April 1, Sangvikar Company had the following balances in its inventory accounts:

Materials Inventory	$12,760
Work-in-Process Inventory	21,350
Finished Goods Inventory	8,600

Work-in-process inventory is made up of three jobs with the following costs:

	Job 114	Job 115	Job 116
Direct materials	$2,804	$2,640	$3,650
Direct labor	1,800	1,560	4,300
Applied overhead	1,080	936	2,580

During April, Sangvikar experienced the transactions listed below.

Materials purchased on account, $30,000.
Materials requisitioned: Job 114, $16,500; Job 115, $12,400; and Job 116, $5,000.
Job tickets were collected and summarized: Job 114, 150 hours at $14 per hour; Job 115, 220 hours at $14 per hour; and Job 116, 80 hours at $18 per hour.
Overhead is applied on the basis of direct labor cost.
Actual overhead was $4,279.
Job 115 was completed and transferred to the finished goods warehouse.
(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	fill in the blank 8ecddb082faa01c_2
	Accounts Payable		fill in the blank 8ecddb082faa01c_4
b.	Work in Process	fill in the blank 8ecddb082faa01c_6
	Materials		fill in the blank 8ecddb082faa01c_8
c.	Work in Process	fill in the blank 8ecddb082faa01c_10
	Wages Payable		fill in the blank 8ecddb082faa01c_12
d.	Work in Process	fill in the blank 8ecddb082faa01c_14
	Overhead Control		fill in the blank 8ecddb082faa01c_16
e.	Overhead Control	fill in the blank 8ecddb082faa01c_18
	Various Accounts		fill in the blank 8ecddb082faa01c_20
f.	Finished Goods	fill in the blank 8ecddb082faa01c_22
	Work in Process		fill in the blank 8ecddb082faa01c_24
g (1).	Cost of Goods Sold	fill in the blank 8ecddb082faa01c_26
	Finished Goods		fill in the blank 8ecddb082faa01c_28
g (2).	Accounts Receivable	fill in the blank 8ecddb082faa01c_30
	Sales Revenue		fill in the blank 8ecddb082faa01c_32

2. Calculate the ending balances of each of the inventory accounts as of April 30. Post the entries to the T-accounts in the same order in which they were journalized.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.