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- X Data Table Job Date Finished No. Sold Started 9/03 9/13 Total Total Manufacturing Cost of Job Costs Added at September 30 in October $ 2,000 1,900 1,000 $ 700 1,100 1,300 450 600 9/03 9/12 9/30 10/24 2 3 10/01 9/17 9/29 10/27 11/03 4 10/29 10/08 10/14 5 6 10/12 11/06 6 10/23 11/09 Print Done Requirement 1. Which type of costing system is Sloan using? What piece of data did you base your answer on? Sloan uses a system. We know this because Sloan's costing records show costs being accumulated for each 7 Requirement Inventory, Fini Prepare the s identify the status of each job at September 30 and October 31. Compute Sloan's account balances at September 30 for Work-in-Pre t of Goods Sold. (If a box is not used in the schedule, leave the box empty, do not select a label or enter a zero.) job order costing process order costing d by the October schedule. Requirement 1. Which type of costing system is Sloan using? What piece of data did you base your answer on? Sloan uses a V system. We know this because Sloan's costing records show costs being accumulated for each Requirement 2. Use the dates in the table to identify the status of each job at September 30 and October 31. Compute Sloan's accour Inventory, Finished Goods Inventory, and Cost of Goods Sold. (If a box is not used in the schedule, leave the box empty; do not select Prepare the September schedule first, followed by the October schedule. process needed to complete the product. job. Requirement 2. Use the dates in the table to identify the status of each job at September 30 and October 31. Compute Sloan'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. (If a box is not used in the schedule, leave the box empty; do not select a label or enter a zero.) Prepare the September schedule first, followed by the October schedule. Sloan Manufacturing Computation of Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold For September and October Work-in-Process Inventory Finished Goods Inventory Job Job Cost Date Cost of Goods Sold Cost Job Cost September 30: Total Total Total October 31 Total Total Total Requirement 3. Prepare journal entries to record the transfer of completed jobs from Work-in-Process Inventory to Finished Goods Inventory for September and October. (Record debits first, then credits. Exclude explanations from any journal entries.) Record September's entry first. Date Accounts Debit Credit Sep. 30 Now record October's entry. Date Accounts Debit Credit Oct 31 Requirement 4. Record the sale of Job 3 for $2,100 on account. (Record debits first, then credits. Exclude explanations from any journal entries.) First, record the revenue related to the sale of job 3 on account. Date Accounts Debit Credit Now record the cost of goods sold for Job 3. Date Accounts Debit Credit Requirement 5. What is the gross profit for Job 3? Compute gross profit for Job 3. Gross profit

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