Question:
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??