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

of March with only one job in process (Job #359). This job had $5,000

of total cost assigned to it at the beginning of March. Madtack applies

overhead to jobs at a rate of 175% of direct labor cost. During March,

Madtack assigned production costs as follows to the jobs worked on

during the month:

Job #359Job #360Job #361

direct materials ..........$1,000$5,000$3,000

direct labor ..............2,0003,0002,000

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 Company had total actual

overhead cost of $10,700 for the month of March.

Calculate the amount of work in process inventory reported in Madtack

Company's March 31 balance sheet.

I got 11500 is this correct?