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 $6,300 Job #361 $4,800 COSTS ADDED DURING MARCH $3,300 4,000 $4,900 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 consist of job 360 and 361 job 360 job 361 total beginning work in process 6,300 4,800 11,100 cost added during the year Direct materials 3,300 4,900 8,200 direct labor 4,000 5,000 9,000 overhead applied @125% 5000 6250 11250 total cost added during the year 12,300 16,150 28,450 total cost of job 18,600 20,950 39,550 cost of goods manufactured 39,550

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