Share
Explore BrainMass

Statement of cash flows

A work in process account for a company contained the following entries:

Work in process account
Debit of $40,000 for direct raw materials

Debit of $60,000 for direct labor
Debit of $30,000 for manufacturing overhead
Ending balance, $42,000, associated with job #2

The company uses a job-order cost system. Work was only performed on two jobs during the period. What was the cost of job #1, which was started and completed during the period??

Solution Preview

A work in process account for a company contained the following entries:

Work in process account

Debit of $40,000 for direct raw materials
Debit of $60,000 for direct labor
Debit of $30,000 for ...

Solution Summary

This solution is comprised of a detailed explanation to answer what was the cost of job #1, which was started and completed during the period.

$2.19