Analyzing cost data
Stratton 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 | |||
| Job | Started | Finished | Sold | ||
| 1 | 10/3 | 10/12 | 10/13 | $ 1,000 | |
| 2 | 10/3 | 10/30 | 11/1 | 1,100 | |
| 3 | 10/17 | 11/24 | 11/27 | 700 | $ 1,400 |
| 4 | 10/29 | 11/29 | 12/3 | 300 | 1,500 |
| 5 | 11/8 | 11/12 | 11/14 | 650 | |
| 6 | 11/23 | 12/6 | 12/9 | 500 | |
Requirements
1. Which type of costing system is Stratton 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. Compute Stratton’s account balances 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 $2,200.
5. What is the gross profit for Job 3? What other costs must this gross profit cover?
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