Post Utme Igbinedion University 2020 Accounting Question 36

A company uses a job costing system to account for its manufacturing activities. The company has two departments: Cutting and Assembly. The Cutting Department has a balance of ₦120,000 in its Work-in-Progress (WIP) account at the beginning of the year. During the year, the department incurs expenses of ₦150,000 and earns revenue of ₦180,000. The Assembly Department has a balance of ₦80,000 in its WIP account at the beginning of the year. During the year, the department incurs expenses of ₦100,000 and earns revenue of ₦120,000. The company's total WIP balance at the end of the year is ₦200,000. What is the balance in the Cutting Department's WIP account at the end of the year?