The Work in Process Account for Chambers Company Contained the Following

question 34

Multiple Choice

The work in process account for Chambers Company contained the following entries: Debit of $80,000 for direct raw materials
Debit of $120,000 for direct labor
Debit of $60,000 for manufacturing overhead
Ending balance,$84,000,associated with Job #2
The company uses a job-order cost system.Work was only performed on two jobs during the period.The beginning balance in work in process was zero.What was the cost of Job #1,which was started and completed during the period?

• A) $180,000
• B) $148,000
• C) $132,000
• D) $176,000

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Definitions:

Sugar Trade

The historical exchange and commerce of sugar as a commodity, significantly impacting global economies and societies, particularly in the colonial period.

Homespun Clothing

Clothing made from cloth spun at home, symbolizing self-reliance and resistance to British goods during the American Revolutionary era.

Women Shopkeepers

Female entrepreneurs who own or manage retail businesses, highlighting the role of women in commerce and the economy.

Restrictions

Rules or regulations that limit, control, or restrict certain activities, behaviors, or freedoms.