Madtack Company uses a job-order costing system and started the month of March w

Question

Madtack Company uses a job-order costing system and started the month of March with three jobs in process. The cost of beginning work in process plus the costs added during March are shown below: Madtack applies overhead to jobs at a rate of 70% of direct materials used. During March, Madtack completed and sold Job #360. Job #361 was also completed but was not sold by the end of March. Job #359 was not completed by the end of March. Madtack's actual overhead cost for the month of March totaled $8,500. Calculate Madtack's cost of goods sold after the overhead variance is closed for March. Do not use decimals in your answer.

Explanation / Answer

BEGGINING OPENING BALANCE = 4800+6300+3500=14600

+ DIRECT MATERIAL =3300+4100+6400 = 13800

+ DIRECT LABOUR = 5000+3000+4000 = 12000

+ MOH = = 8500

TOTAL MANF EXPENSES 48 900

- END BALANCE 16600

COST OF GOODS SOLD 32300

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