The Cabrillo Construction Company constructs houses on speculation. That is, the houses are started before any buyer is known. Even if the buyer agrees to purchase a house under construction, no sales are recorded until the house is completed and accepted for delivery. The job-cost records contained the following (in thousands):

1. Compute Cabrillo’s cost of (a) construction-in-process inventory at September 30 and October 31, (b) finished-houses inventory at September 30 and October 31, and (c) cost of houses sold for September and October.

2. Prepare summary journal entries for the transfer of completed houses from construction in process to finished houses for September and October.

3. Record the cash sale (price = $345,000) and the cost of the house sold for Job 53.

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Total Cost of Job at September 30 $180 170 1S0 Total Construction Cost Added in October Dates Job No. Started Finished Sold 9114 10/4 1014 SS0 61 11/24 10/27 11/22 12/24 I15 180 118 106 10/21 81 11/24