Question

> Problems Group A 284 Analyzing cost data, recording completion and sales of jobs Brandon Manufacturing makes carrying cases for portable electronic devices. Its costing records yield the following information: Ft $1,000 Total Manufacturing Costs Added in November Total Cost of Job at October 31 5 1,000 Job No. Started 1003 1003 10/17 10/29 11/08 11/23 2 3 4 5 6 Date Finished 10/12 10:30 10/30 11/24 11/29 11/12 12/06 Sold 10/13 11/01 11/27 12/03 11/14 12/09 1,300 600 500 $ 800 1,600 350 100 Requirements 1. Which type of costing system is Brandon 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 October 31 and November 30. Compute Brandon's account balances at October 31 for Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold. Compute, by job, account balances at November 30 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-Proces Inventory to Finished Goods Inventory for October and November. 4. Record the sale of Job 3 for $2,400 on account. 5. What is the gross profit for Job 3? 3.4 P4-29A Preparing and using a job cost recond

I don't understand how to do Question 2 on this problem.

Answer 1

Brandon Manufacturing
Computation of Work in process inventory,
Finished goods inventory, and Cost of goods sold
for October and November
Date	Work in process inventory	Finished goods inventory	Cost of goods sold
	Job	Cost	Job	Cost	Job	Cost
October 31:	3	$600	2	$1,300	1	$1,000
	4	500		______		______
	Total	$1,100	Total	$1,300	Total	$1,000
November 30:	6	$100	4             $2,100	2	$1,100
					3	1,400
		____		______	5	350
	Total	$100	Total	$2,100	Total	$2,850