On April 1, Sangvikar Company had the following balances in its inventory accounts:
Materials Inventory | $12,720 |
Work-in-Process Inventory | 21,320 |
Finished Goods Inventory | 8,700 |
Work-in-process inventory is made up of three jobs with the following costs:
Job 114 | Job 115 | Job 116 | |
Direct materials | $2,774 | $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, $28,000.
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 $12 per hour; Job 115, 220 hours at $17 per hour; and Job 116, 80 hours at $18 per hour.
Overhead is applied on the basis of direct labor cost.
Actual overhead was $4,495.
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.
1. Prepare journal entries for the April transactions.
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.
OH rate as % of DLC: | ||||||||
Total OH allocated in Job 114 | 1080 | |||||||
Divide: DLC of Job 114 | 1800 | |||||||
OH rate as % of DLC: | 60% | |||||||
Job cost Sheet: | ||||||||
114 | 115 | 116 | ||||||
Beginning Inventory | 5684 | 5136 | 10530 | |||||
Current cost | ||||||||
Material | 16500 | 12400 | 5000 | |||||
Labour | 2250 | 3740 | 1440 | |||||
Overheads | 1350 | 2244 | 864 | |||||
Total cost | 25784 | 23520 | 17834 | |||||
Journal entries: | ||||||||
S.no. | Accounts title and explanations | Debit $ | Credit $ | |||||
a. | Raw materiall Inventory | 28000 | ||||||
Accounts Payable | 28000 | |||||||
b. | Work in process Inventory | 33900 | ||||||
Raw material inventory (16500+12400+5000). | 33900 | |||||||
c. | Work in process inventory | 7430 | ||||||
Wages payable | (150*15+220*17+80*18) | 7430 | ||||||
d. | Work in process inventory | 4458 | ||||||
Manufacturing overheads (7430*60%) | 4458 | |||||||
e. | Manufacturing Overheads | 4765 | ||||||
Accounts Payable | 4765 | |||||||
f. | Finished Goods inventory | 23520 | ||||||
Work in process invenotry | 23520 | |||||||
g. | Cost of good ssold | 23520 | ||||||
Finished Goods inventory | 23520 | |||||||
Accounts receivable | 29400 | |||||||
Sales revenue (23520*125%) | 29400 | |||||||
Raw material | ||||||||
balance | 12,720 | Work in process | 33,900 | |||||
Accounts Payable | 28,000 | |||||||
Ending balance | 6,820 | |||||||
Work in process inventory | ||||||||
Balance | 21,350 | Finished Goods | 23,520 | |||||
Raw material Inv. | 33,900 | |||||||
Wages Payable | 7,430 | |||||||
Manufacturing Overheads | 4,458 | |||||||
Balance | 43,618 | |||||||
Finished Goods Inventory | ||||||||
Balance | 8,700 | Cost of goods sold | 23,520 | |||||
Work in process inv. | 23,520 | |||||||
Ending balance | 8,700 |
Job Cost Flows, Journal Entries On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory $12,720 Work-in-Process Inventory 21,320 Finished Goods Inventory 8,800 Work-in-process inventory is made up of three jobs with the following costs: Job 114 Job 115 Job 116 Direct materials $2,774 $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. a. Materials purchased on account, $30,000. b. Materials requisitioned: Job 114,...
Job Cost Flows, Journal Entries On April 1, Sangvikar Company
had the following balances in its inventory accounts: Materials
Inventory $12,720 Work-in-Process Inventory 21,350 Finished Goods
Inventory 8,700 Work-in-process inventory is made up of three jobs
with the following costs:
Job Cost Flows, Journal Entries On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory $12,720 Work-in-Process Inventory 21,350 Finished Goods Inventory 8,700 Work-in-process inventory is made up of three jobs with the following costs:...
Job Cost Flows, Journal Entries 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 8,800 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...
Please help me with question # 2
Job Cost Flows, Journal Entries 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. a. Materials purchased on...
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 $12,730 Work-in-Process Inventory 21,340 8,700 Finished Goods Inventory Work-in-process inventory is made up of three jobs with the following costs: Job 114 Job 115 Job 116 $2,411 $2,640 $3,650 Direct materials Direct labor Applied overhead 1,800 1,560 4,300 1,170 1,014 2,795 During April, Sangvikar experienced the transactions listed below. a. Materials purchased on account, $29,000....
On April 1, Sangvikar Company had the following balances in its inventory accounts:Materials Inventory$12,730Work-in-Process Inventory21,340Finished Goods Inventory8,700Work-in-process inventory is made up of three jobs with the following costs:Job 114Job 115Job 116Direct materials$2,411$2,640$3,650Direct labor1,8001,5604,300Applied overhead1,1701,0142,795During April, Sangvikar experienced the transactions listed below.Materials purchased on account, $29,000.Materials requisitioned: Job 114, $16,500; Job 115, $12,200; and Job 116, $5,000.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,...
JECTIVE 34 Exercise 5.12 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 $12.730 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 115 Job 116 Direct materials $2,411 $2,640 $3,650 Direct labor 1,800 1,560 4,300 Applied overhead 1,170 1,014 2,795 During April, San a. Materials a Sangvikar experienced the transactions...
3. Prepare the journal 79. The selling price is 140 percent of cost. OBJECTIVE 3 Exercise 5.12 Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost On April 1, Sangvikar Company had the following balances in its inventory accounts: $12,730 Materials Inventory 21,340 Work-in-Process Inventory 8,700 Finished Goods Inventory Work-in-process inventory is made up of three jobs with the following costs: Job 114 Job 115 Job 116 $2,411 Direct materials $2,640 $3,650 Direct labor 1,800 1,560 4,300 Applied overhead...
3. Prepare the journal entries reflecting the compu 79. The selling price is 140 percent of cost. OBJECTIVE 3 4 Exercise 5.12 Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost On April 1, Sangvikar Company had the following balances in its inventory accounts: $12,730 Materials Inventory 21,340 Work-in-Process Inventory 8,700 Finished Goods Inventory Work-in-process inventory is made up of three jobs with the following costs: Job 115 Job 116 Job 114 Direct materials $2,411 $3,650 $2,640 Direct labor...
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 115 Job 116 Direct materials $2,411 $2,640 $3,650 Direct labor 1,800 1,560 4,300 Applied overhead 1,170 1,014 2,795 During April, Sangvikar experienced the transactions listed below. Materials purchased on account, $29,000. Materials requisitioned: Job 114, $16,500; Job 115, $12,200; and Job 116,...