Need Accounting Homework Assistance

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

10/3

10/12

10/13

$1,900

10/3

10/30

11/1

1,800

10/17

11/24

11/27

400

$1,500

10/29

11/29

12/3

800

1,200

11/8

11/12

11/14

550

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?