Clement Manufacturing makes carrying cases for portable electronic devices. Its cost- ing records yield the following...
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Clement Manufacturing makes carrying cases for portable electronic devices. Its cost- ing records yield the following information: Total Total Cost Manufacturing Costs Added in November Date Job of Job at No. Started Finished Sold October 31 1 10/03 10/12 10/13 $ 1,300 10/03 10/30 11/01 1,400 3 10/17 11/24 11/27 1,000 $ 900 4 10/29 11/29 12/03 1,200 1,200 11/08 11/12 11/14 650 6 11/23 12/06 12/09 500 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? Clement Manufacturing makes carrying cases for portable electronic devices. Its cost- ing records yield the following information: Total Total Cost Manufacturing Costs Added in November Date Job of Job at No. Started Finished Sold October 31 1 10/03 10/12 10/13 $ 1,300 10/03 10/30 11/01 1,400 3 10/17 11/24 11/27 1,000 $ 900 4 10/29 11/29 12/03 1,200 1,200 11/08 11/12 11/14 650 6 11/23 12/06 12/09 500 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?
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Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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