Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I don't understand how to do Question 2 on this problem. > Problems Group A 284 Analyzing cost data, recording completion and sales of jobs

image text in transcribed
I don't understand how to do Question 2 on this problem.
> Problems Group A 284 Analyzing cost data, recording completion and sales of jobs Brandon Manufacturing makes carrying cases for portable electronic devices. Its costing records yield the following information: Ft $1,000 Total Manufacturing Costs Added in November Total Cost of Job at October 31 5 1,000 Job No. Started 1003 1003 10/17 10/29 11/08 11/23 2 3 4 5 6 Date Finished 10/12 10:30 10/30 11/24 11/29 11/12 12/06 Sold 10/13 11/01 11/27 12/03 11/14 12/09 1,300 600 500 $ 800 1,600 350 100 Requirements 1. Which type of costing system is Brandon 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 Brandon'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-Proces Inventory to Finished Goods Inventory for October and November. 4. Record the sale of Job 3 for $2,400 on account. 5. What is the gross profit for Job 3? 3.4 P4-29A Preparing and using a job cost recond

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

Step: 3

blur-text-image

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

Horngrens Accounting Volume 1

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol Meissner, JoAnn Johnston, Peter Norwood

11th Canadian Edition

0135359708, 9780135359709

More Books

Students also viewed these Accounting questions

Question

8. Describe the main retirement benefits.

Answered: 1 week ago