Classic Manufacturing makes carrying cases for portable electronic devices. It's costing records yield the following information:

Requirement 1. Which type of costing system is Classic using? What piece of data did you base your answer on?

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.)

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. Select the explanation on the last line of the journal entry table.)

Record September 's entry first.

Requirement 4. Record the sale of Job 3 for $1,400 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.

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

Compute gross profit for Job 3.

process needed to complete the product. job. process order costing Requirement 5 . What is the gross profit for Job 3 ? Compute gross profit for Job 3 . Gross profit Now record October's entry. Accounts Payable Accounts Receivable Cash Less: Cost of Goods Sold Less: Finished Goods Inventory Sales Revenue Work-in-Process Inventory Classic uses a system. We know this because Classic's costing Now record the cost of goods sold for Job 3 . Prepare the September schedule first, followed by the October schedule. Accounts Payable Accounts Receivable Cash Cost of Goods Sold Finished Goods Inventory Sales Revenue Work-in-Process Inventory Accounts Payable Accounts Receivable Cash Cost of Goods Sold Finished Goods Inventory Sales Revenue Work-in-Process Inventory