Stratton Manufacturing makes carrying cases for portable electronic devices. Its costing records yield the following information: (Click the icon to view the costing records.) Read the requirements Requirement 1. Which type of costing system is Stratton using? What piece of data did you base your answer on? Stratton uses a job order costing system. We know this because Stratton's costing records show costs being accumulated for each job. Requirement 2. Use the dates in the table to identify the status of each job at September 30 and October 31. Compute Stratton's account balances at September 30 for Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold. Compute, by job, account balances at October 31 for Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold. (If a box is not used in the schedule, leave the box empty, do not select a label or enter a zero.) Prepare the September schedule first, followed by the October schedule. Data Table - - X Date Stratton Manufacturing Computation of Work-in-Process Inventory Finished Goods Inventory, and Cost of Goods Sold For September and October Work-in-Process Inventory Finished Goods Inventory Job Cost Job Cost 3N 400 2 1 700 || 800 Total Manufacturing Costs Added in October Job Date Total Cost of Job at September 30 $ 1,100 Cost of Goods Sold Job Cost 1 No. September 30: Finished 9/12 9/30 Started 9/03 9/03 9/17 9/29 10/08 10/23 Sold 9/13 10/01 10/27 1,700 10/24 Total Total 400 $ 800 1,000 1,200 10/29 10/12 11/06 11/03 10/14 11/09 October 31: 650 900 5 1200 Print Done Total Total Requirement 3. Prepare journal entries to record the transfer of completed jobs from Work-in-Process Inventory to Finished Goods Inventory for September and October. (Record debits first, then credits. Exclude explanations from any journal entries.) Record September's entry first. Date Accounts Debit Credit Sep. 30 Data Table - X Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold 1200 1700 Now record October's entry. Date Accounts Debit Credit Job No. Oct. 31 Started 9/03 9/03 9/17 9/29 10/08 10/23 Date Finished 9/12 9/30 10/24 10/29 10/12 11/06 Sold 9/13 10/01 10/27 11/03 10/14 Total Total Manufacturing Cost of Job Costs Added at September 30 in October $ 1,100 1,700 400 $ 1,000 800 1,200 Requirement 4. Record the sale of Job 3 for $2,300 on account. (Record debits first, then credits. Exclude explanations from any journal entries.) First, record the revenue related to the sale of job 3 on account. 11/09 Date Accounts Debit Credit Print Done Now record the cost of goods sold for Job 3. Date Accounts Debit Credit No. Started 9/03 9/03 9/17 9/29 10/08 10/23 Requirement 5. What is the gross profit for Job 3? Compute gross profit for Job 3. Date Finished 9/12 9/30 10/24 10/29 10/12 11/06 Total Total Manufacturing Cost of Job Costs Added at September 30 in October $ 1,100 1,700 400 $ 1,000 800 1,200 650 900 Sold 9/13 10/01 10/27 11/03 10/14 4 11/09 Gross profit Print Done Choose from any list or enter any number in the input fields and then continue to the next question. Stratton Manufacturing makes carrying cases for portable electronic devices. Its costing records yield the following information: (Click the icon to view the costing records.) Read the requirements Requirement 1. Which type of costing system is Stratton using? What piece of data did you base your answer on? Stratton uses a job order costing system. We know this because Stratton's costing records show costs being accumulated for each job. Requirement 2. Use the dates in the table to identify the status of each job at September 30 and October 31. Compute Stratton's account balances at September 30 for Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold. Compute, by job, account balances at October 31 for Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold. (If a box is not used in the schedule, leave the box empty, do not select a label or enter a zero.) Prepare the September schedule first, followed by the October schedule. Data Table - - X Date Stratton Manufacturing Computation of Work-in-Process Inventory Finished Goods Inventory, and Cost of Goods Sold For September and October Work-in-Process Inventory Finished Goods Inventory Job Cost Job Cost 3N 400 2 1 700 || 800 Total Manufacturing Costs Added in October Job Date Total Cost of Job at September 30 $ 1,100 Cost of Goods Sold Job Cost 1 No. September 30: Finished 9/12 9/30 Started 9/03 9/03 9/17 9/29 10/08 10/23 Sold 9/13 10/01 10/27 1,700 10/24 Total Total 400 $ 800 1,000 1,200 10/29 10/12 11/06 11/03 10/14 11/09 October 31: 650 900 5 1200 Print Done Total Total Requirement 3. Prepare journal entries to record the transfer of completed jobs from Work-in-Process Inventory to Finished Goods Inventory for September and October. (Record debits first, then credits. Exclude explanations from any journal entries.) Record September's entry first. Date Accounts Debit Credit Sep. 30 Data Table - X Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold 1200 1700 Now record October's entry. Date Accounts Debit Credit Job No. Oct. 31 Started 9/03 9/03 9/17 9/29 10/08 10/23 Date Finished 9/12 9/30 10/24 10/29 10/12 11/06 Sold 9/13 10/01 10/27 11/03 10/14 Total Total Manufacturing Cost of Job Costs Added at September 30 in October $ 1,100 1,700 400 $ 1,000 800 1,200 Requirement 4. Record the sale of Job 3 for $2,300 on account. (Record debits first, then credits. Exclude explanations from any journal entries.) First, record the revenue related to the sale of job 3 on account. 11/09 Date Accounts Debit Credit Print Done Now record the cost of goods sold for Job 3. Date Accounts Debit Credit No. Started 9/03 9/03 9/17 9/29 10/08 10/23 Requirement 5. What is the gross profit for Job 3? Compute gross profit for Job 3. Date Finished 9/12 9/30 10/24 10/29 10/12 11/06 Total Total Manufacturing Cost of Job Costs Added at September 30 in October $ 1,100 1,700 400 $ 1,000 800 1,200 650 900 Sold 9/13 10/01 10/27 11/03 10/14 4 11/09 Gross profit Print Done Choose from any list or enter any number in the input fields and then continue to the next