Need Accounting Homework Assistance

Nov 11th, 2015
Price: $10 USD

Question description

Bluebird Manufacturing makes carrying cases for portable electronic devices. Its costing records yield the following information:      
Date Total Cost of Job
at October 31
Total Manufacturing Costs
Added in November
Started Finished Sold                    
1 10/3 10/12 10/13 $1,900                      
2 10/3 10/30 11/1 1,800                      
3 10/17 11/24 11/27 400 $1,500                    
4 10/29 11/29 12/3 800 1,200                    
5 11/8 11/12 11/14 550                    
6 11/23 12/6 12/9 700                    
1. Which type of costing system is Bluebird using? What piece of data did you base your answer on?
2. Use the data in the table to identify the status of each job. Compute Bluebird's account balance at October 31 for Work in process inventory, Finished goods inventory, and Cost of goods
sold. Compute, by job, account balances at November 30 for Work in process inventory, Finished goods inventory, and Cost of goods sold.
3. Prepare journal entries to record the transfer of completed units from Work in process to Finished goods for October and November.
4. Record the sale of Job 3 for $2,100.
5. What is the gross profit for Job 3? What other costs must this gross profit cover?

Tutor Answer

(Top Tutor) Daniel C.
School: Cornell University

Studypool has helped 1,244,100 students

Review from our student for this Answer

Nov 11th, 2015
"Excellent work as always thanks so much"
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1821 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors