Classic 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 Classic using? What piece of data did you base your answer on? Classic uses a system. We know this because Classic's costing records show costs being accumulated for each Requirement 2. Use the dates in the table to identify the status of each job at September 30 and October 31. Compute Classic'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 an input field is not used in the schedule, leave the input field empty; do not select a label or enter a zero.) Prepare the September schedule first, followed by the October schedule. Classic Manufacturing Computation of Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold For September and October Date Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Job Cost Job Cost Job Cost September 30: Total Total Total October 31: Total otal TotalRequirement 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. Select the explanation on the last line of the journal entry table.) Record September's entry first. Date Accounts and Explanation Debit Credit Sep. 30 Now record October's entry. Date Accounts and Explanation Debit Credit Oct. 31 Requirement 4. Record the sale of Job 3 for $2,400 on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First, record the revenue related to the sale of job 3 on account. Date Accounts and Explanation Debit CreditRequirement 4. Record the sale of Job 3 for $2,400 on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First, record the revenue related to the sale of job 3 on account. Date Accounts and Explanation Debit Credit Now record the cost of goods sold for Job 3. Date Accounts and Explanation Debit Credit Requirement 5. What is the gross profit for Job 3? Compute gross profit for Job 3. Gross profitData table Date Total Manufacturing Total Cost of Job Costs Added in Job No. Started Finished Sold at September 30 October Job No. 1 9/03 9/12 9/13 $ 1,000 Job No. 2 9/03 9/30 10/01 1,300 Job No. 3 9/17 10/24 10/27 800 $ 1,200 Job No. 4 9/29 10/29 11/03 600 1,300 Job No. 5 10/08 10/12 10/14 750 Job No. 6 10/23 11/06 11/09 1,100Requirements 1. Which type of costing system is Classic 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 September 30 and October 31. Compute Classic'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. 3. Prepare journal entries to record the transfer of completed jobs from Work-in-Process Inventory to Finished Goods Inventory for September and October. 4. Record the sale of Job 3 for $2,400 on account. 5. What is the gross profit for Job 3?\fcumulated for each te Classic's account tory, Finished Goods it field is not used in ct a label or enter a ze job. process needed to complete the product