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Bob's Powerwasher Company Makes Custom Powerwashers for Individual Customers -Refer to Bob's Powerwasher Company

question 115

Multiple Choice

Bob's Powerwasher Company makes custom powerwashers for individual customers. On April 1, one job was in process, Job 900, which had a cost of $45,650. Jobs 901, 902, and 903 were started during the month of July. Data on costs added during the month are as follows:
Overhead is applied to production at the rate of 85% of direct labour cost. Job 903 was completed on April 26, and the client was billed at cost plus 45%. All other jobs remained in process.
$\begin{array}{lllll}&\text { Job } 900&\text { Job } 901&\text { Job } 902&\text { Job } 903\\\text { Direct Materials } & \$ 12,500 & \$ 6,740 & \$ 2,520 & \$ 7,870 \\\text { Direct Labour } & \$ 5,880 & \$ 10,280 & \$ 3,760 & \$ 11,360\end{array}$
-Refer to Bob's Powerwasher Company.What is the balance in the work-in-process account on April 30?

Definitions:

Venture Capitalists

Investors who provide capital to startup companies and small businesses with perceived long-term growth potential in exchange for equity, or an ownership stake.

Microloan Investors

Individuals or entities that provide small loans to entrepreneurs, typically in developing countries, to foster business growth and development.

Small Business Investment Companies

Privately owned investment funds licensed by the Small Business Administration (SBA) to provide financing to small businesses through equity or debt investments.

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Entities or individuals that grant the right to operate a business under their trademark or brand to another party, known as a franchisee.