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 fequirements Requirement 1. Which type of costing system is Sloan using? What piece of data did you base your answer on? Sloan uses a job order costing system. We know this because Sloan's costing records show costs being accumulated for each job 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 an input field is not used in the schedule, leave the input field empty; do not select a label or enter a zero.) 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 $1,900 on account. 5. What is the gross profit for Job 3? Job No. Job No. 1 Job No. 2 Job No. 3 Job No.4 Job No.5 Job No. 6 Date Total Manufacturing Total Cost of Job Costs Added in Started Finished Sold at November 30 December 11/03 11/12 11/13 $ 1,600 11/03 11/30 12/01 1,100 11/17 12/24 12/27 600 $ 1,000 11/29 12/29 1/03 200 1,700 12/08 12/12 12/14 350 12/23 1/06 1/09 1,000 Finished Goods Inventory, and Cost of Goods Sold For November and December Work-in-Process Inventory Finished Goods Inventory Job Cost Job Cost Date Cost of Goods Sold 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. Select the explanation on the last line of the journal entry table.) Record November's entry first. Date Debit Credit Nov. 30 Accounts and Explanation Finished Goods Inventory Work-in-Process Inventory Sloan Manufacturing makes carrying cases for portable electronic devices. Its costing records yield the following information: Now record December's entry. C. Date Debit Credit Dec. 31 Accounts and Explanation Finished Goods Inventory Work-in-Process Inventory Requirement 4. Record the sale of Job 3 for $1,900 on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First, record the revenue related to the sale of job 3 on account. Date Accounts and Explanation Debit Credit Accounts Receivable Sales Revenue Debit Credit Now record the cost of goods sold for Job 3. Date Accounts and Explanation Cost of Goods Sold Finished Goods Inventory Requirement 5. What is the gross profit for Job 3? Compute gross profit for Job 3. Sales Revenue Less: Cost of Goods Sold Gross profit
