Sloan Manufacturing makes carrying cases for portable electronic devices. Its costing records yield the following information:

Requirements
1. Which type of costing system is Sloan using? What piece of data did you base your answer on?
2. Use the dates in the table to identify the status of each job at October 31 and November 30. Compute Sloan€™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.
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 $2,200 on account.
5. What is the gross profit for Job 3?

Transcribed Image Text:

Total Manufacturing Costs Added Total Job Date Cost of Job No. Started Finished Sold at October 31 in November S1,100 2,000 1,000 900 10/03 10/12 10/13 10/30 1101 11/24 11/27 1129 12/03 2 10/03 4 5 11/08 6 11/23 12/06 12/09 S 800 1,500 550 500 10/29