(L. OBJ. 1, 2, 3, 4,) Analyzing cost data [25—35 min] Huntley Manufacturing makes carry...

(L. OBJ. 1, 2, 3, 4,) Analyzing cost data [25—35 min]

Huntley Manufacturing makes carrying cases for portable electronic devices. It’s costing records yield the following information:

Requirements

1. Which type of costing system is Huntley using? What piece of data did you base your answer on?

2. Using the dares above to identify the status of each job, compute Huntley's account balances at November 30 for Work in process inventory, Finished goods inventory, and Cost of goods sold. Compute account balances at December 31 for Work in process inventory, Finished goods inventory, and Cost of goods sold.

3. Record summary journal entries for the transfer of completed units from work in process to finished goods for November and December.

4. Record the sale of Job 3 for $2,400.

5. What is the gross profit for Job 3? What other costs must this gross profit cover?