The Bruce Peninsula Construction Company (BPCC) constructs cottages on speculation. That is, the cottages are begun before any buyer is known. Even if the buyer agrees to purchase a cottage under construction, no sales are recorded until the cottage is completed and accepted for delivery. The job-cost records contained the following (in thousands):

1. Compute BPCC’s cost of (a) construction-in-process inventory at September 30 and October 31, (b) finished-cottages inventory at September 30 and October 31, and (c) cost of cottages sold for September and October.

2. Prepare summary journal entries for the transfer of completed cottages from construction-in-process to finished cottages for September and October.

3. Record the cash sale (price = $345,000) and cost of cottages sold for Job 53.

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Dates Total Cost of Job Total Construction Job at Sept. Started Finished Sold Cost Added in Oct. No. 30 $180 9/7 43 4/26 9/8 9/14 9/17 51 5/17 170 10/4 150 52 5/20 9/30 $50 53 5/28 10/14 10/18 200 61 6/3 10/20 11/24 115 20 25 62 6/9 10/21 10/27 180 7/7 11/6 71 11/22 118 36 81 8/7 11/24 12/24 106 48