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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
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 #359 Job #360 Job #361 direct materials .......... $1,000 $5,000 $3,000 direct labor .............. 2,000 3,000 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 Company had total actual overhead cost of $10,700 for the month of March. Calculate Madtack's cost of goods manufactured for March.
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