Question

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. þry, 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 ܝ 11/30 Prepare t ܚ 12/24 11/03 11/17 11/29 12/08 12/29 ܛ 1/03 ܗ 12/12 12/14 950 ܗ 12/23 1/06 1/09 800 Date bld Print Print Done November 30-

Answer 1

Answers:

Requirement 1:

Sloan Manufacturing uses job costing system. We could confirm it as job costing because the​ company's records show costs being accumulated for each job.

Requirement 2:

Sloan Manufacturing
Computation of Work-in-Process Inventory,
Finished Goods Inventory, and Cost of Goods Sold
For November and December
Date	Work-in-Process Inventory			Finished Goods Inventory			Cost of Goods Sold
	Job	Cost		Job	Cost		Job	Cost
November 30:	3	$500
	4	900		2	2,000		1	1,000
	Total	$1,400		Total	$2,000		Total	$1,000
December 31:							2	$2,000
							3	2,200
	6	1,700		4	1,900		5	950
	Total		$1,700	Total		$1,900	Total	$5,150

Requirement 3:

November's entry.
Date	Accounts	Debit	Credit
Nov. 30	Finished Goods Inventory	3000
	Work-in-Process Inventory		3000

December's entry.
Date	Accounts	Debit	Credit
Dec. 31	Finished Goods Inventory	5050
	Work-in-Process Inventory		5050

Requirement 4:

First, record the revenue related to the sale of job 3 on account.
Date	Accounts	Debit	Credit
	Accounts Receivable	2300
	Sales Revenue		2300

Now record the cost of goods sold for Job 3.
Date	Accounts	Debit	Credit
	Cost of Goods Sold	2200
	Finished Goods Inventory		2200

Requirement 5:

Gross profit for Job 3.

Sales Revenue	$2,300
Less: Cost of Goods Sold	2,200
Gross profit	$100