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The following account balances were taken from the general ledger accounts of the Ellery Corporation. January 1 60,000 85,000 120,000 December 31 80,000 110,000 90,000 330,000 Materials P Work in Process Finished Goods Factory Overhead Control Applied Factory Overhead (applied at a rate of 80% of DL 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 2019. 2. Cost of Goods Sold Statement for the year 2019. 3. Entry to close the Factory Overhead Control account and Applied Factory Overhead to Cost of Goods Sold.

The following account balances were taken from the general ledger accounts of the Ellery Corporation. January 1 60,000 85,000 120,000 December 31 80,000 110,000 90,000 330,000 Materials P Work in Process Finished Goods Factory Overhead Control Applied Factory Overhead (applied at a rate of 80% of DL 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 2019. 2. Cost of Goods Sold Statement for the year 2019. 3. Entry to close the Factory Overhead Control account and Applied Factory Overhead to Cost of Goods Sold.

FINANCIAL ACCOUNTING
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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Problem 6

Problem 6 The following account balances were taken from the general ledger accounts of the Ellery Corporation. January 1 P 60,000 85,000 120,000 December 31 P 80,000 110,000 90,000 330,000 Materials Work in Process Finished Goods Factory Overhead Control Applied Factory Overhead (applied at a rate of 80% of DL Cost of Goods Sold Requirements: 1. Journal entries to record the transactions that were entered in the above accounts for the 2019. 320,000 850,000 year 2. Cost of Goods Sold Statement for the year 2019. 3. Entry to close the Factory Overhead Control account and Applied Factory Overhead to Cost of Goods Sold.
Transcribed Image Text:Problem 6 The following account balances were taken from the general ledger accounts of the Ellery Corporation. January 1 P 60,000 85,000 120,000 December 31 P 80,000 110,000 90,000 330,000 Materials Work in Process Finished Goods Factory Overhead Control Applied Factory Overhead (applied at a rate of 80% of DL Cost of Goods Sold Requirements: 1. Journal entries to record the transactions that were entered in the above accounts for the 2019. 320,000 850,000 year 2. Cost of Goods Sold Statement for the year 2019. 3. Entry to close the Factory Overhead Control account and Applied Factory Overhead to Cost of Goods Sold.
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