Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bluebird Manufacturing makes carrying cases for portable electronic devices. Its costing records yield the following information: (Click the icon to view the costing records.) Read

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Bluebird 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 requiren * Data Table Requirement 1. V Bluebird uses a haccumulated for each Requirement 2.4 Inventory, Finished Sold. (If a box is n bute Bluebird's account bal Work-in-Process Inventor Job Date Prepare the Septe No. StartedFinished Sold = 9/12 9/13 10/01 Total Total Manufacturing Cost of Job Costs Added at September 30 in October $ 2,000 1,800 700 $ 1,100 1,000 300 N w 9/03 9/03 9/17 9/29 10/08 10/23 10/27 9/30 10/24 10/29 10/12 11/03 1,000 Date 10/14 o 11/06 11/09 400 September 30: Print Done OLAN Choose from any list or enter any number in the input fields and then continue to the next question. Requirement 1. Which type of costing system is Bluebird using? What piece of data did you base your answer on? Bluebird uses a system. We know this because Bluebird's costing records show costs being accumulated for each Read the requirements Requirement 2. Use the dates in the table to identify the status of each job at September 30 and October 31. Compute Bluebird'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. Bluebird 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 Date Cost of Goods Sold Job Cost September 30: Total October 31: Total Total Total Choose from any list or enter any number in the input fields and then continue to the next question. 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 Now record October's entry. Date Accounts Debit Credit Oct. 31 Requirement 4. Record the sale of Job 3 for $1,900 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. Date Accounts Debit Credit Now record the cost of goods sold for Job 3. Date Accounts Debit Credit Requirement 5. What is the gross profit for Job 3? Compute gross profit for Job 3. Gross profit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental financial accounting concepts

Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward

8th edition

978-007802536, 9780077648831, 0078025362, 77648838, 978-0078025365

More Books

Students also viewed these Accounting questions