Need Accounting Homework Assistance

Nov 11th, 2015
KateS
Category:
Accounting
Price: $10 USD

Question description

Bluebird Manufacturing makes carrying cases for portable electronic devices. Its costing records yield the following information:      
                   
Job
No.
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                    
                               
Requirements:                            
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?

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