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:                                    Job #359      Job #360      Job #361 beginning work in process .....    $3,500        $6,300        $4,800  COSTS ADDED DURING MARCH direct materials ..............    $4,600        $3,300        $4,900 direct labor ..................     3,000         4,000         5,000  Madtack applies overhead to jobs at a rate of 125% of direct labor cost. 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 $18,000.  Calculate Madtack's cost of goods manufactured for March. Do not use decimals in your answer. 

Explanation / Answer

COST OF GOODS MANUFACTURED(JOB NO. 360 AND JOB NO. 361) JOB NO. 360 JOB NO. 361 TOTAL Beginning Work in process 6300 4800 11100 Direct material 3300 4900 8200 Direct labour 4000 5000 9000 Manufacturing Overheads(125% of DL) 5000 6250 11250 (4000*125%) (5000*125%) Total Cost of Goods manufactured 18600 20950 39550

Related Questions

Navigate

• Browse (All)
• Browse M
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.