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

Requirements 

1. Using the dates above to identify the status of each job, compute Hartley's account balances at November 30 for Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold. Compute account balances at December 3 1 for Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold.

2. Record summary journal entries for the transfer of completed units from work in process to finished goods for November and December.

3. Record the sale of Job 3 for $1,500.

4. What is the gross profit for Job 3? What other costs must this gross profit cover?

Transcribed Image Text:

Job Date Total Cost of Job at Total Manufacturing Costs Added No. Started Finished Sold November 30 in December 1 11/3 11/12 11/13 $1,500 2 11/3 11/30 12/1 2,000 3 11/17 12/24 12/27 300 $ 700 4 11/29 12/29 1/3 500 1,600 5 12/8 12/12 12/14 750 6 12/23 1/6 1/9 500