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. Date Accounts Debit Credit Dec. 31 i Requirements 1. Which type of costing system is Sloan 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 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 Sold. 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 $2,300 on account. 5. What is the gross profit for Job 3? Print Print Done Done Sloan 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 Job Cost Cost of Goods Sold Job Cost Job Cost November 30: Total Total Total December 31: Total tal ...-- --...t --DIL-I-- fa- - ----- t.d!.L. I ... !-- n -. Requirement 1. Which type of costing system is Sloan using? What piece of data did you base your answer on? Sloan uses a V system. We know this because Sloan'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 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 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. Sloan Manufacturing makes carrying cases for portable electronic devices. Its costing records yield the following information: B (Click the icon to view the costing records.) Data Table Jour answer on? bw costs being accumulated for Total Total Manufacturing December 31. Compute Sloan's s at December 31 for Work-in-F pro.) Date Cost of Job Costs Added Started Finished Sold 11/03 11/12 11/13 11/03 11/30 12/01 12/24 12/27 11/17 11/29 12/08 at November 30 in December 1,900 2,000 500 $ 1,700 900 1,000 950 800 12/29 1/03 12/14 12/12 1/06 Goods Sold 12/23 1/09 Cost Print Done beeee from an Het en from Hotelev i sie H . Finally, journalize the entry to record the labor incurred in production but not yet paid. Date Accounts Debit Credit Camelia Company makes artificial flowers and reports the following data for the month. (Click the icon to view the data.) Journalize the entries relating to materials and labor. (Record debits first, then credits. Exclude explanations from journal entries.) Begin by journalizing the entry for the purchase of materials on account. Date Accounts Debit Credit A Data Table $ 53,000 Purchases of materials, on account Materials requisitions: Next, journalize the entry to record raw materials used in production. Direct materials 41,800 Indirect materials 1,000 Date Accounts Debit Credit Labor incurred (not yet paid): Direct labor 23,500 1,260 Indirect labor Print Done Finally, journalize the entry to record the labor incurred in production but not yet paid
