redetermined Overhead Rate, Application of Overhead to Jobs, Job Cost n April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory $12,770 Vork-in-Process Inventory 21,640 inished Goods Inventory 8,730 Vork-in-process inventory is made up of three jobs with the following costs: Job 114 Job 115 Job 116 birect materials $2,379 $2,682 $3,174 Direct labor 1,800 1,560 4,300 pplied overhead 1,350 1,170 3,225 uring 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 hor . 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.
redetermined Overhead Rate, Application of Overhead to Jobs, Job Cost n April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory $12,770 Vork-in-Process Inventory 21,640 inished Goods Inventory 8,730 Vork-in-process inventory is made up of three jobs with the following costs: Job 114 Job 115 Job 116 birect materials $2,379 $2,682 $3,174 Direct labor 1,800 1,560 4,300 pplied overhead 1,350 1,170 3,225 uring 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 hor . 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:**Educational Website Transcription**
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2. **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, if necessary.
| Ending Balance |
|-------------------|
| Job 114 | $24,669 ❌ |
| Job 115 | $22,742 ✔️ |
| Job 116 | $19,062 ✔️ |
3. **Calculate the ending balance of Work in Process as of April 30.** When required, round your answer to the nearest dollar.
| Work in Process Ending Balance |
|--------------------------------|
| $43,731 ❌ |
4. **Calculate the cost of goods sold for April.** When required, round your answer to the nearest dollar.
| Cost of Goods Sold |
|--------------------|
| $______ |
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.
| Sales Price for April Job |
|---------------------------|
| $______ |
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Transcribed Image Text:### Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost
**On April 1, Sangvikar Company had the following balances in its inventory accounts:**
- **Materials Inventory:** $12,770
- **Work-in-Process Inventory:** $21,640
- **Finished Goods Inventory:** $8,730
**Work-in-process inventory is made up of three jobs with the following costs:**
| | **Job 114** | **Job 115** | **Job 116** |
|------------------|-------------|-------------|-------------|
| **Direct materials** | $2,379 | $2,682 | $3,174 |
| **Direct labor** | 1,800 | 1,560 | 4,300 |
| **Applied overhead** | 1,350 | 1,170 | 3,225 |
**During April, Sangvikar experienced the transactions listed below:**
a. **Materials purchased on account:** $29,210.
b. **Materials requisitioned:**
- Job 114, $16,230
- Job 115, $12,430
- Job 116, $5,370
c. **Job tickets were collected and summarized:**
- Job 114, 140 hours at $12 per hour
- Job 115, 200 hours at $14 per hour
- Job 116, 90 hours at $19 per hour
d. **Overhead is applied on the basis of direct labor cost.**
e. **Actual overhead was:** $4,265.
f. **Job 115 was completed and transferred to the finished goods warehouse.**
g. **Job 115 was shipped, and the customer was billed for 125 percent of the cost.**
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