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 Data Table Requiren er on? Sloan use - leing Total accumula Job Date Requiren Compute Cost of G Goods In label or e No. Started Finished - 31. ry, and hished t select 11/03 11/12 Total Manufacturing Cost of Job Costs Added at November 30 in December $ 1,900 2,000 500 $ 1,700 900 1,000 Sold 11/13 12/01 12/27 11/30 Prepare t 12/24 11/03 11/17 11/29 12/08 12/29 1/03 12/12 12/14 950 12/23 1/06 1/09 800 Date bld Print Print Done November 30- 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 Record the sale of Job 3 for $2,300 on account. 5. What is the gross profit for Job 3? 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 Computation of Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold For November and December Work-in-Process Inventory Finished Goods Inventory | Date Cost of Goods Sold Job Cost Job Cost Job Cost November 30: Total Total Total December 31: Total tal Iotal 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 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
