Lund company applies manufacturing overhead to jobs using a

Reference no: EM13571447

Lund Company applies manufacturing overhead to jobs using a predetermined overhead rate of 70% of direct labor cost. Any underapplied or overapplied manufacturing overhead cost is closed out to Cost of Goods Sold at the end of the month. During March, the following transactions were recorded by the company:

Raw materials (all direct materials):
Purchased during the month	$	31,000
Used in production	$	32,000
Labor:
Direct labor hours worked during the month		2,400
Direct labor cost incurred	$	19,200
Indirect labour cost incurred	$	7,100
Manufacturing overhead costs incurred (total)	$	17,800
Inventories:
Raw materials (all direct), March 31	$	8,300
Work in process, March 1	$	11,300
Work in process, March 31	$	15,600*
*contains $5,800 in direct labor cost.

The balance on March 1 in the Raw Materials inventory account was?

Reference no: EM13571447

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