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Question - Madtack Company uses a job-order costing system and began 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
$6,200
$4,800
$5,300
COSTS ADDED DURING MARCH
Direct materials
$7,500
$5,100
$5,800
Direct labor
4,600
2,900
3,500
Madtack applies overhead to jobs at a rate of 175% of direct labor cost. During March, Madtack completed and sold Job #359. Job #360 was also completed but was not sold by the end of March. Job #361 was not completed by the end of March.
Calculate Madtack's work in process inventory balance at March 31.
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