Question 6 6 pts Madtack Company uses a job-order costing system and started the

Question

Question 6 6 pts Madtack Company uses a job-order costing system and started the month of March with only one job in process (Jo b #359). This job had $5,000 of total cost assigned to it at the begin ning of March. Madtack applies overhead to jobs at a rate of 175% of dir ect labor cost. During March, Madtack assigned production costs as foll ows to the jobs worked on during the month Job #3 Jo $5,000 3,000 $3,000 2,000 2,000 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 Co mpany had total actual overhead cost of $10,700 for the month of March. Calculate the amount of work in process i nventory reported in Madtack Company's March 31 balance sheet.

Explanation / Answer

Calculate work in process inventory at march 31 :

So answer is $11500

Job 359 Beginning work in process 5000 Direct material 1000 Direct labour 2000 Applied overhead 3500 Total 11500

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