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Classic Manufacturing makes carrying cases for portable electronic devices. Its costing records yield the following...

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Accounting

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Classic 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 Requirement 1. Which type of costing system is Classic using? What piece of data did you base your answer on? Classic uses a system. We know this because Classic's costing records show costs being accumulated for each Data table Requirements 1. Which type of costing system is Classic 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 November 30 and December 31. Compute Classic's account balances at November 30 for Work-in-Process Inventory, Finished Goods Inventory, and Cost of Good Sold. Compute, by job, account balances at December 31 for Work-in-Process Inventory, Finished Goods Inventory, and Cost of Good Sold. 3. Prepare journal entries to record the transfer of completed jobs from Work-in-Process Inventory to Finished Goods Inventory for November and December. 4. Record the sale of Job 3 for $2,100 on account. 5. What is the gross profit for Job 3

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