Question

Clement Manufacturing makes carrying cases for portable electronic devices. Its cost- ing records yield the following information Total Manufacturing Costs Added in November Total Cost of Job at Date Job No. Started Finished Sold October 31 10/13 11/01 11/27 12/03 1,300 1,400 1,000 1,200 10/03 10/12 10/30 11/24 11/29 2 10/03 10/29 11/08 11/23 900 1,200 650 500 4 12/06 12/09 Requirements 1. Which type of costing system is Clement using? What piece of data did you base our answer on Use the dates in the table to identify the status of each job at October 31 and November 30. Compute Clement's account balances at October 31 for Work-in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold. Compute, by job, account balances at November 30 for Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold. 2. 3. Prepare journal entries to record the transfer of completed jobs from Work-in- Process Inventory to Finished Goods Inventory for October and November 4. Record the sale of Job 3 for $2,300 on account. 5. What is the gross profit for Job 3?

Answer 1

Thank you. I hope you understand.