Question

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 account, $30,000. b. Materials requisitioned: Job 114, $16,500; Job 115, $12,000; 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 $15 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 $4,231. 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.

Answer 1

Materials
Opening Balance	$       12,760.00
(a)-Accounts Payable	$       30,000.00	(b)-Work in Process	$         33,500.00
Closing Balance	$         9,260.00
Work in Process
Opening Balance	$       21,350.00
(b)-Materials	$       33,500.00	(f)-Finished Goods	$         22,416.00
(c)-Wages Payable	$         6,540.00
(d)-Overhead Control	$         3,924.00
Closing Balance	$       42,898.00
Finished Goods
Opening Balance	$         8,600.00
(f)-Work in Process	$       22,416.00	(g1)-Cost of goods sold	$         22,416.00
Closing Balance	$         8,600.00
Note:The name of the journals are given so that you can have a better understanding, DO Not enter those names of account in answer space, just mention the letter