Calculate the ending balance of work in process

Assignment Help Operation Management

Reference no: EM13104357

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	$12,750
Work-in-Process Inventory	21,060
Finished Goods Inventory	8,500

Work-in-process inventory is made up of three jobs with the following costs:

	Job 114	Job 115	Job 116
Direct materials	$2,384	$2,603	$3,085
Direct labor	1,800	1,420	4,420
Applied overhead	1,260	994	3,094

During April, Sangvikar experienced the transactions listed below.

Materials purchased on account, $28,920.
Materials requisitioned: Job 114, $16,800; Job 115, $12,460; and Job 116, $5,410.
Job tickets were collected and summarized: Job 114, 170 hours at $11 per hour; Job 115, 200 hours at $14 per hour; and Job 116, 100 hours at $19 per hour.
Overhead is applied on the basis of direct labor cost.
Actual overhead was $4,535.
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.

Required:

1. Calculate the predetermined overhead rate based on direct labor cost.

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	$
Job 115	$
Job 116	$

3. Calculate the ending balance of Work in Process as of April 30. When required, round your answer to the nearest dollar.

4. Calculate the cost of goods sold for April. When required, round your answer to the nearest dollar.

Reference no: EM13104357

Questions Cloud

Estimating confidence interval for population proportion : In a Gallup Poll of 1005 randomly selected Americans in April 2006, 482 responded "yes" to the question, "Do you consider the amount of federal income tax you have to pay as too high?"

How far from the axis can the button be placed : A small button placed on a horizontal rotating platform with diameter 0.328 will revolve with the platform when it is brought up to a rotational speed of 45.0 rev/min , provided the button is a distance no more than 0.141m from the axis. a)What is..

Confidence intervals and interval estimates : Identify a business situation where you might want to make an estimate. For example, you might want to estimate the mean dollar amount spent by customers at a retail store.

Conduct the appropriate test and describe the results : Pepsi wanted to test to determine if the males preferred Pepsi more than the females. (a) PConduct the appropriate test and describe the results (ick your own alpha value)

Calculate the ending balance of work in process : Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost On April 1, Sangvikar Company had the following balances in its inventory accounts.

Write the characteristics of ideal learning organization : Write down the characteristics of ideal learning organization? Write downthe observable behaviors for each characteristic? What would be result of these behaviors?

What would the average wind speed : What would the average wind speed (in m/s) for this month be at a height of 80 m if this site experiences a wind shear condition which matches a logarithmic law with a surface roughness of 0.1 m? f. Based on the roughness noted in e) above, how wo..

Confidence intervals-population means : Construct a 95% confidence interval to estimate the population mean with a sample mean = 110 and ? = 30 for the following sample sizes:

Population monthly expenditure mean : Suppose a t- test is being applied to find out if the population monthly expenditure mean is less than $212. The level of significance selected is 1% and 26 accounts are sampled. What is the critical value?

User Account

All Pages