Zeke Company is a manufacturing company that has worked on several production jobs during the 1st quarter of the year. Below is a list of all the jobs for the quarter: BalanceJob 356$ 450Job 357$1,235Job 358$ 378Job 359$ 689Job 360$ 456 Job 356, 357, 358 & 359 were completed. Jobs 356 & 357 were sold at a profit of $500 on each job.What is the ending balance of Work in Process for Zeke Company as of the end of the 1st quarter?Group of answer choices$3,208$2,752$456$0

Ending balance of Work in Process = Cost of job not yet completed

Answered: Zeke Company is a manufacturing company…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Zeke Company is a manufacturing company that has worked on several production jobs during the 1st quarter of the year. Below is a list of all the jobs for the quarter:

	Balance
Job 356	$ 450
Job 357	$1,235
Job 358	$ 378
Job 359	$ 689
Job 360	$ 456

Job 356, 357, 358 & 359 were completed. Jobs 356 & 357 were sold at a profit of $500 on each job.

What is the ending balance of Work in Process for Zeke Company as of the end of the 1st quarter?

Group of answer choices

$3,208

$2,752

$456

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