Classic Manufacturing makes carrying cases for portable electronic devices. Its costing records yield the followinginformation:

Which type of costing system is Classic using? What piece of data did you base your answeron?

2.

Use the dates in the table to identify the status of each job at November 30 and December 31. Compute Classic's account balances at November 30 forWork-in-Process Inventory, Finished GoodsInventory, and Cost of Goods Sold.Compute, byjob, account balances at December 31 forWork-in-Process Inventory, Finished GoodsInventory, and Cost of Goods Sold.

3.

Prepare journal entries to record the transfer of completed jobs fromWork-in-Process Inventory to Finished Goods Inventory for November and December.

4.

Record the sale of Job 3 for $2,300 on account.

5.

What is the gross profit for Job3?

Prepare the November schedulefirst, followed by the December schedule.

Classic Manufacturing

Computation of Work-in-Process Inventory,

Finished Goods Inventory, and Cost of Goods Sold

For November and December

Date

Work-in-Process Inventory

Finished Goods Inventory

Cost of Goods Sold

Job

Cost

Job

Cost

Job

Cost

November 30:

Total

Total

Total