Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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

Hartley 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 Hartley using? What piece of data did you base your answer on? Hartley uses a system. We know this because Hartley'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 October 31 and November 30. Compute Hartley's account balances at October 31 for Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold. Compute, by job, account balances at November 30 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 October schedule first, followed by the November schedule. Hartley Manufacturing Computation of Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold For October and November K Hardley 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. Date Work-in-Process Inventory Job October 31: November 30: Total Total Cost Job Finished Goods Inventory Cost Cost of Goods Sold Job Cost Total 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 October and Now ey ma Click the Data table Date Total Cost of Job Job No. Started Finished Sold at October 31 Total Manufacturing Costs Added in November ber 3 Job No. 1 10/03 10/12 10/13 $ 1,800 Job No. 2 10/03 10/30 11/01 1,700 Job No. 3 10/17 11/24 11/27 300 $ 1,400 Job No. 4 10/29 11/29 12/03 400 1.400 embe Job No. 5 11/08 11/12 11/14 550 Job No. 6 11/23 12/06 12/09 900 Print Done -X Formation: nished Goods Requirements Vield the following informati 1. Which type of costing system is Hartley 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 October 31 and November 30. Compute Hartley's account balances at October 31 for Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold. Compute, by job, account balances at November 30 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 October and November. 4. Record the sale of Job 3 for $1,900 on account. 5. What is the gross profit for Job 3? - X

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

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

12th Edition

978-0073526706, 9780073526706

Students also viewed these Accounting questions

Question

Differentiate sin(5x+2)

Answered: 1 week ago

Question

Compute the derivative f(x)=1/ax+bx

Answered: 1 week ago

Question

What is job enlargement ?

Answered: 1 week ago