Clement Manufacturing makes carrying cases for portable electronic devices. Its costing records yield the following information: Requirements
Question:
Requirements
1. Which type of costing system is Clement 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 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.
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?
Step by Step Answer:
Horngrens Accounting
ISBN: 978-0134674681
12th edition
Authors: Tracie L. Miller nobles, Brenda L. Mattison, Ella Mae Matsumura