Predetermined Overhead Rate, Application of Overhead to Jobs, Job CostOn April 1, Sangvikar Company had the following balances in its inventory accounts:Materials Inventory$12,770Work-in-Process Inventory21,640Finished Goods Inventory8,730Work-in-process inventory is made up of three jobs with the following costs: Job 114Job 115Job 116Direct materials$2,379$2,682$3,174Direct labor1,8001,5604,300Applied overhead1,3501,1703,225During April, Sangvikar experienced the transactions listed below.Materials purchased on account, $29,210.Materials requisitioned: Job 114, $16,230; Job 115, $12,430; and Job 116, $5,370.Job tickets were collected and summarized: Job 114, 140 hours at $12 per hour; Job 115, 200 hours at $14 per hour; and Job 116, 90 hours at $19 per hour.Overhead is applied on the basis of direct labor cost.Actual overhead was $4,265.Job 115 was completed and transferred to the finished goods warehouse.Job 115 was shipped, and the customer was billed for 125 percent of the cost. 1. Calculate the predetermined overhead rate based on direct labor cost.% of direct labor cost2. Calculate the ending balance for each job as of April 30. When required, round your answers to the nearest dollar. Use your rounded answers in subsequent computations, ifnecessary.Ending BalanceJob 114Job 115Job 1163. Calculate the ending balar Accounting numeric field of April 30. When required, round your answer to the nearest dollar.4. Calculate the cost of goods sold for April. When required, round your answer to the nearest dollar.5. Assuming that Sangvikar prices its jobs at cost plus 25 percent, calculate the price of the one job that was sold during April. When required, round your answer to the nearest dollar.

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Chapter1: Financial Statements And Business Decisions

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Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost

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

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

During April, Sangvikar experienced the transactions listed below.

Materials purchased on account, $29,210.
Materials requisitioned: Job 114, $16,230; Job 115, $12,430; and Job 116, $5,370.
Job tickets were collected and summarized: Job 114, 140 hours at $12 per hour; Job 115, 200 hours at $14 per hour; and Job 116, 90 hours at $19 per hour.
Overhead is applied on the basis of direct labor cost.
Actual overhead was $4,265.
Job 115 was completed and transferred to the finished goods warehouse.
Job 115 was shipped, and the customer was billed for 125 percent of the cost.