$1.$ Which type of costing system is Phan Manufacturing 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 Phan Manufacturing$$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 $$2,200$ on account.

$5.$ What is the gross profit for Job $3?$

Requirement $1$

Requirement $2$

PHAN MANUFACTURING

Computation of Work$-$in$-$Process Inventory, Finished Goods Inventory,

and Cost of Goods Sold for October and November

Date Work$-$in$-$Process Inventory Finished Goods Inventory Cost of Goods Sold

Job Cost Job Cost Job Cost

October $31$:

November $30$:

Requirement $3$

Date Accounts and Explanation Debit Credit

Requirement $4$

Date Accounts and Explanation Debit Credit

$1.$ Which type of costing system is Phan Manufacturing 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 Phan Manufacturing$$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 $$2,200$ on account.

$5.$ What is the gross profit for Job $3?$

Requirement $3$

Requirement $4$

PHAN MANUFACTURING

Computation of Work$-$in$-$Process Inventory, Finished Goods Inventory,

and Cost of Goods Sold for October and November

Date Work$-$in$-$Process Inventory Finished Goods Inventory Cost of Goods Sold

Job Cost Job Cost Job Cost

October $31$:

November $30$:

Requirement $4$

Date Accounts and Explanation Debit Credit

Requirement $5$

Date Accounts and Explanation Debit Credit