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

Question

  Madtack Company uses a job-order costing system and started 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 .....    $4,800        $6,300        $3,500    COSTS ADDED DURING MARCH   direct materials ..............    $6,400        $3,300        $4,100   direct labor ..................     3,000         4,000         5,000  Madtack applies overhead to jobs using a pre-determined overhead rate of 120% of direct labor cost. Madtack calculated its work in process at March 31 to be $17,800 and its cost of goods sold for March to be $18,400.  Which job(s) were sold by Madtack during March? 

A) Job #359 B) Job #360 C) Job #361 D) both Job #359 and Job #360 were sold E) both Job #360 and Job #361 were sold F) all three jobs were sold A) Job #359 B) Job #360 C) Job #361 D) both Job #359 and Job #360 were sold E) both Job #360 and Job #361 were sold F) all three jobs were sold

Explanation / Answer

Calcultaion of Total cost of each job

Mad tack work in process at March 31 is $17800 , That is Job #359

During March Job #360 And Job # 361 is sold in the month of march

Correct answer is E)

Particulars Job # 359 Job #360 Job # 361 Beging Work In Process $4,800 $6,300 $3,500 Direct Material $6,400 $3,300 $4,100 Direct Labour $3,000 $4,000 $5,000 Overheads(120% of Direct Labour) $3,600 $4,800 $6,000 Total Cost $17,800 $18,400 $18,600

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