Question

Please verify answered questions are correct and solve for #2.

On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory $12,730 Work-in-Process Inventory 21,340 Finished Goods Inventory 8,700 Work-in-process inventory is made up of three jobs with the following costs: Job 114 Job 116 Direct materials $2,411 Job 115 $2,640 1,560 $3,650 4,300 Direct labor 1,800 Applied overhead 1,170 1,014 2,795 During 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 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 $4,415. 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. Required: 1. Prepare journal entries for the April transactions. a. Materials 29,000 Accounts Payable 29,000 b. Work in Process 33,700 Materials 33,700 Work in Process 29,000 Wages Payable 29,000 d. Work in Process 4,108 Overhead Control 4,108

Options for blanks in question 2.

Answer 1

Please find the revised below table for journal entry

Month	Journal Entries	Debit	Credit
April	Material A/C	29000
	A/C Payable		29000
April	WIP	33700
	Material A/c		33700
April	WIP	6320
	DIRECT LABOUR		6320
April	WIP	4415
	OVER HEADS		4415
April	FINISHED GOODS	22646
	WIP		22646
April	Cost of goods sold	22646
	Finished Goods		22646
April	Accounts Receivable '	28307
	Sales		28307

General Ledger T A/c

Column1	Material A/c	Column2	Column3
To OP.Stock	12730	WIP	33700
By Purchases	29000	Cl. Stock	8030
	41730		41730
	WIP ACCOUNT
To OP.Stock	21340	By Finished Goods	22646
To Material	33700	Cl. Stock	43129
To Direct Labour	6320
To Over Heads	4415
	65775		65775
	FINISHED GOODS
To OP.Stock	8700	By Cost of goods sold	22646
To WIP	22646	Cl. Stock	8700
	31346		31346

Workings for Job 114, 115 and 116

Column1	Column2	Column3	Column4	Column5
Particulars	Job 114	Job 115	Job 116	TOTAL
DM	2,411	2,640	3,650	8,701
DL	1,800	1,560	4,300	7,660
App OH	1,170	1,014	2,795	4,979
Total WIP	5,381	5,214	10,745	21,340
Material	16,500	12,200	5,000	33,700
DL	1,800	3,080	1,440	6,320
OH(on the above DL allocation)	1,257	2,152	1,006	4,415
Total cost of goods sold	24,938	22,646	18,191	65,775
sales @125%		28,307		28,307