Requirement 2. Requirement 2 will present in 2 parts. The schedule is to present information for 2 months, by completing this schedule one month at a time. FIRST to fill in information for ONLY THE FIRST MONTH. What was the status of the jobs at the end of the FIRST month. Hint: If a job was not started, finished, nor sold in the first month, then do NOT put it in the first part where you are filling in what happened for the first month only. THEN in the 2nd part of requirement 2 you can fill in the schedule for what happened IN the 2nd month. Hint: Some Jobs may be started and/or completed in the first month and transferred to the next job status category in the second month. When a job goes to the next status it does not lose (leave behind) the costs already put into

Sloan 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 Sloan using? What piece of data did you base your answer on? Sloan uses a system. We know this because Sloan's costing records show costs being accumulated for each Data Table Requirements Date 1. 2. Total Manufacturing Total Cost of Job Costs Added in at November 30 December Which type of costing system is Sloan using? What piece of data did you base your answer on? Use the dates in the table to identify the status of each job at November 30 and December 31. Compute Sloan'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 Job No. Started Finished Sold 11/03 11/12 11/13 $ 1,600 Job No. 1 Job No. 2 Sold. 11/03 11/30 12/01 1,800 Job No. 3 11/17 12/24 12/27 700 $ 1,000 1,300 Job No. 4 11/29 12/29 1/03 300 3. Prepare journal entries to record the transfer of completed jobs from Work-in-Process Inventory to Finished Goods Inventory for November and December 4. Record the sale of Job 3 for $2,200 on account. 5. What is the gross profit for Job 3? Job No. 5 12/08 12/12 12/14 300 Job No. 6 12/23 1/06 1/09 800 Print Done Print Done Click to select your answer(s) and then click Check Answer. 7 parts remaining Clear All Final Check