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Company has only Job in process at May 1 of the current year. The job has been charged with $3,000 of direct material cost and

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Company has only Job in process at May 1 of the current year. The job has been charged with $3,000 of direct material cost and $2,300 of direct labor cost. The company applies overhead costs to jobs at a pre-determined rate of 90% of direct labor cost. During Company reported the following: May, Direct materials: purchased used in production $33,000 $37,000 Labor: direct labor cost incurred indirect labor cost incurred $22,000 $ 6,000 Overhead: actual overhead costs incurred .... $22,000 Inventories: work in process, May 31 finished goods, May 1 finished goods, May 31 $13,000 $14,000 $18,000 Calculate the cost of goods sold for May before the overhead variance is closed

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