i Data Table Total Date Job No. Total Cost of Job at September 30 1,200 Manufacturing Costs Added in October 1,000 Started 9/03 9/03 9/17 9/29 10/08 10/23 NMD Finished 9/12 9/30 10/24 10/29 10/12 11/06 Sold 9/13 10/01 10/27 11/03 700 300 $ 800 1,300 550 10/14 11/09 200 Print Done Classic Manufacturing makes carrying cases for portable electronic devices. Its costing records yield the following information: E: (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 a box is not used in the schedule, leave the box 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 Work-in-Process Inventory Finished Goods Inventory Job Cost Job Cost Date Cost of Goods Sold Job Cost | September 30: Total October 31: 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 $1,800 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 Requirement 5. What is the gross profit for Job 3? Compute gross profit for Job 3. Gross profit