Question

Data Table A Requirements Total Total Manufacturing Costs Added Job Date Cost of Job No. Started Finished Sold at October 31 in November 10/03 10/12 10/13 1. Which type of costing system is Clement 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 Clement'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-Process Inventory to Finished Goods Inventory for October and November 4. Record the sale of Job 3 for $2,300 on account. 5. What is the gross profit for Job 3? 10/03 10/30 11/01 1,300 1,400 1,000 $ 11/24 11/27 10/17 10/29 11/29 1.200 12/03 11/14 900 1,200 650 500 11/08 11/12 11/23 12/06 12/09 Print Done Print [Done] Print Done

Answer 1

Clement Manufacturing
Computation of Work-in-process Inventory, Finished Goods Inventory and Cost of Goods Sold
Date	Work In Process Inventory		Finished Goods Inventory		Cost of Goods Sold
31-Oct	Job	Cost	Job	Cost	Job	Cost
	3	1000	2	1400	1	1300
	4	1200
Total		2200		1400		1300
Date	Work In Process Inventory		Finished Goods Inventory		Cost of Goods Sold
30-Nov	Job	Cost	Job	Cost	Job	Cost
	6	500	4	2400	3	1900
					5	650
Total		500		2400		2550