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 dentify 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, job order costing ctober 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.) process order costing Prepare the SepcummVUI BUTTUULIU MOL, Onuvud 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 Total Total 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 $1,700 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 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 Choose from any list or enter any number in the input fields and then continue to the next question. Date Accounts Data Table X Date Total Manufacturing Total Cost of Job Costs Added in at September 30 October Now record the cost of goods sold for Job 3. Job No. Started Finished Sold Date Accounts Job No. 1 9/03 9/12 9/13 $ 1,100 Job No. 2 9/03 9/30 10/01 1,800 Job No. 3 9/17 10/24 10/27 500 $ 700 Job No. 4 9/29 10/29 11/03 800 1,700 Job No. 5 10/08 10/12 10/14 950 Requirement 5. What is the gross profit for Job 3? Job No. 6 10/23 11/06 11/09 900 Compute gross profit for Job 3. Print Done