Requirement 1. Which type of costing system is Bluebird using? What piece of data did you base your answer on? Bluebird uses a system. We know this because Bluebird'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 November 30 and December 31. Compute Bluebird's account balances at November 30 for Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold. Compute, by job, account balances at December 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 November schedule first, followed by the December schedule. Bluebird Manufacturing Computation of Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold For November and December Date Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Job Cost Job Cost Job Cost November 30: Total Total Total December 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 November and December. (Record debits first, then credits. Exclude explanations from any journal entries.) Record November's entry first. Date Accounts Debit Credit Nov. 30 Now record December's entry Now record December's entry. Date Accounts Debit Credit Dec. 31 Requirement 4. Record the sale of Job 3 for $2,300 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 Requirement 1. Which type of costing system is Bluebird using? What piece of data did you base your answer on? Bluebird uses a system. We know this because Bluebird'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 November 30 and December 31. Compute Bluebird's account balances at November 30 for Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold. Compute, by job, account balances at December 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 November schedule first, followed by the December schedule. Bluebird Manufacturing Computation of Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold For November and December Date Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Job Cost Job Cost Job Cost November 30: Total Total Total December 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 November and December. (Record debits first, then credits. Exclude explanations from any journal entries.) Record November's entry first. Date Accounts Debit Credit Nov. 30 Now record December's entry Now record December's entry. Date Accounts Debit Credit Dec. 31 Requirement 4. Record the sale of Job 3 for $2,300 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
