Based on the percentage completed and the cost of the jobs, total value of work in process inventory at the end of March is $62,480.
What is the Work in Process Inventory?
The work in process will include Jobs 1 and 3 only because job 2 is already done.
Work in process can be found as:
= Cost of job 1 + Cost of job 3
Cost of a single job is:
= Direct labor + Direct materials + Overhead which is 60% of direct materials
Solving for both jobs gives:
= (13,400 + 21,400 + (13,400 x 60%)) + (6,400 + 9,400 + (6,400 x 60%))
= $62,480
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