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$12,73021,340Work-in-Process InventoryFinished Goods InventoryWork-in-process inventory is made up of three jobs with the following costs:Direct materialsDirect laborJob 1148,700$2,4111,8001,170Job 115$2,6401,5601,014Job 116$3,6504,3002,795Applied overheadDuring April, Sangvikar experienced the transactions listed below.a. Materials purchased on account, $29,000.b. Materials requisitioned: Job 114, $16,500; Job 115, $12,200; 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 $14 perhour; and Job 116, 80 hours at $18 per hour.d. Overhead is applied on the basis of direct labor cost.e. Actual overhead was $4,415.f. Job 115 was completed and transferred to the finished goods warehouse.g. (1) Job 115 was shipped, and (2) the customer was billed for 125 percent of the cost.

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Description: 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 account

The work in process inventory includes the cost of jobs that are not finished at the end of the…

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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