The Work in Process account for Monty's 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?