Problem 6The following account balances were taken from the general ledger accounts of theEllen Corporation.January 160,00085,000120,000December 3180,000110,00090,000330,000MaterialsWork in ProcessFinished GoodsFactory Overhead ControlApplied Factory Overhead (applied at a rateof 80% of direct labor cost)320,000850,000Cost of Goods SoldRequirements:1. Journal entries to record the transactions that were entered in the aboveaccounts for the year 20092. Cost of Goods Sold Statement for the year 2009.3. Entry to close the Factory Overhead Control account and Applied FactoryOverhead to Cost of Goods Sold.

Ellen corporation's Factory overhead control = 330000 The factory overhead control is the actual…

Problem 6 The following account balances were taken from the general ledger accounts of the Ellen Corporation. Materials Work in Process Finished Goods January 1 60,000 85,000 120,000 December 31 80,000 110,000 90,000 330,000 Factory Overhead Control Applied Factory Overhead (applied at a rate of 80% of direct labor cost) Cost of Goods Sold 320,000 850,000 Requirements: 1. Journal entries to record the transactions that were entered in the above accounts for the year 2009 2. Cost of Goods Sold Statement for the year 2009. 3. Entry to close the Factory Overhead Control account and Applied Factory Overhead to Cost of Goods Sold.

Problem 6 The following account balances were taken from the general ledger accounts of the Ellen Corporation. Materials Work in Process Finished Goods January 1 60,000 85,000 120,000 December 31 80,000 110,000 90,000 330,000 Factory Overhead Control Applied Factory Overhead (applied at a rate of 80% of direct labor cost) Cost of Goods Sold 320,000 850,000 Requirements: 1. Journal entries to record the transactions that were entered in the above accounts for the year 2009 2. Cost of Goods Sold Statement for the year 2009. 3. Entry to close the Factory Overhead Control account and Applied Factory Overhead to Cost of Goods Sold.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Subject: acounting
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ces The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials. Work in process Finished goods Beginning $ 7,000 $ 10,000 $ 20,000 Required 1 Required 2 Required 3 Ending $ 15,000 $ 5,000 $ 35,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Prepare a schedule of cost of goods manufactured. Assume all raw materials used…
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