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

Materials purchased on account, $30,000. Materials requisitioned: Job 114, $16,500; Job 115, $12,000; and Job 116, $5,000. Job tickets were collected and summarized: Job 114, 150 hours at $14 per hour; Job 115, 220 hours at $18 per hour; and Job 116, 80 hours at $18 per hour. Overhead is applied on the basis of direct labor cost. Actual overhead was $4,807. 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.

Required:
a. Prepare journal entries for the April transactions.
b. 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.

a. Journal Entries for The April transactions:

Debit Raw materials $30,000

Credit Accounts Payable $30,000

To record the purchase of raw materials.

Debit WIP:

Job 114, $16,500

Job 115, $12,000

Job 116, $5,000

Credit Raw materials $33,500

To record the transfer of raw materials to production.

Debit WIP:

Job 114 $2,100

Job 115 $3,950

Job 116 $1,440

Credit Direct labor costs $7,490

To record the direct labor costs to WIP.

Debit WIP:

Job 114 $1,348

Job 115 $2,535

Job 116 $934

Credit Overhead $4,807

To record the overhead applied to WIP.

Debit Finished Goods Inventory $23,699

Credit WIP: Job 115 $23,699

To record the transfer of Job 115 to Finished Goods.

Debit Cost of Goods Sold $23,699

Credit Finished Goods Inventory $23,699

To record the cost of goods sold.

Debit Accounts Receivable $29,624

Credit Sales Revenue $29,624

To record the sale of Job 115 on credit.

b. Ending balances of Inventory Accounts:

Raw materials = $9,230

WIP:

Job 114 = $25,329

Job 116 =    $18,119

Total =     $43,448

Finished Goods = $8,700

c. T-Accounts:

Materials Inventory

Account Titles            Debit    Credit

Beginning balance $12,730

Accounts Payable   30,000

WIP:

Job 114                                  $16,500

Job 115                                    12,000

Job 116                                     5,000

Balance                                 $9,230

Accounts Payable

Account Titles            Debit    Credit

Raw materials                       $30,000

Work-in-Process Inventory - Job 114

Account Titles            Debit    Credit

Beginning balance  $5,381

Raw materials         16,500

Direct labor cost       2,100

Overhead applied     1,348

Balance                                $25,329

Work-in-Process Inventory - Job 115

Account Titles            Debit    Credit

Beginning balance     $5,214

Raw materials            12,000

Direct labor cost         3,950

Overhead applied      2,535

Finished Goods Inventory    $23,699

Work-in-Process Inventory - Job 116

Account Titles            Debit    Credit

Beginning balance  $10,745

Raw materials             5,000

Direct labor cost          1,440

Overhead applied         934

Balance                                   $18,119

Direct Labor Cost

Account Titles           Debit       Credit

WIP:

Job 114                                      $2,100

Job 115                                       3,950

Job 116                                        1,440

Overhead

Account Titles           Debit       Credit

WIP:

Job 114                                       $1,348

Job 115                                        2,535

Job 116                                           934

Finished Goods Inventory

Account Titles            Debit    Credit

Beginning balance  $8,700

WiP: Job 115          $23,699

Cost of Goods Sold              $23,699

Cost of Goods Sold

Account Titles         Debit      Credit

Finished Goods   $23,699

Sales Revenue

Account Titles        Debit     Credit

Accounts Receivable        $29,624

Accounts Receivable

Account Titles        Debit     Credit

Sales Revenue $29,624

Explanation:

a) Data and Calculations:

Beginning balances:

Materials Inventory $12,730

Work-in-Process Inventory 21,340

Finished Goods Inventory 8,700

Work-in-Process Inventory 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

Total                        $5,381      $5,214    $10,745

Analysis of April Transactions:

Raw materials $30,000 Accounts Payable $30,000

WIP: Job 114, $16,500; Job 115, $12,000; and Job 116, $5,000 and Raw materials $33,500

WIP: Job 114 $2,100 Job 115 $3,950, Job 116 $1,440 Direct labor costs $7,490

WIP: Job 114 $1,348 Job 115 $2,535 Job 116 $934 Overhead $4,807

Job tickets were collected and summarized (Direct labor costs):

Jobs      DLH                           DLH Costs  Overhead applied

Job 114, 150 hours at $14/hour = $2,100   $1,348  ($2,100/$7,490 *$4,807)

Job 115, 220 hours at $18/hour = $3,950  2,535 ($3,950/$7,490 *$4,807)

Job 116, 80 hours at $18/hour = $1,440         924 ($1,440/$7,490 *$4,807)

Total = 450 hours                      $7,490    $4,807

Actual Overhead = $4,807

Total direct labor costs = $7,490

Overhead rate = $0.64

Sales Revenue = $29,624 ($23,699 * 125%)

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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d. automatic stabilizers.

explanation: