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

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Accounting

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 requirements. 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 September 30 and October 31. Compute Classic's account balances at September 30 for Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold. Compute, by job, account balances at October 31 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 September and October. 4. Record the sale of Job 3 for $2,000 on account. 5. What is the gross profit for Job 3? - Data table Date Total Cost of Job Job No. Started Finished Sold at September 30 Total Manufacturing Costs Added in October Job No. 1 9/03 9/12 9/13 $ 1,100 Job No. 2 9/03 9/30 10/01 1,600 Job No. 3 9/17 10/24 10/27 300 $ 1,400 Job No. 4 9/29 10/29 11/03 400 1,000 Job No. 5 10/08 10/12 10/14 300 Job No. 6 10/23 11/06 11/09 800 Print Done

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