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  • Acc311 Excel Week3 Project 1

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    Lilian L
    320 views3 pages
    1. The document shows journal entries for materials control, work-in-process control, finished goods control, cost of goods sold, and manufacturing overhead control accounts. 2. Materials are transferred into work-in-process and manufacturing overhead, while work-in-process is transferred to finished goods which are then transferred to cost of goods sold. 3. Manufacturing overhead is first controlled and then allocated to work-in-process and finally to cost of goods sold.

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    Acc311 Excel Week3 Project 1

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    1. The document shows journal entries for materials control, work-in-process control, finished goods control, cost of goods sold, and manufacturing overhead control accounts. 2. Materials are transferred into work-in-process and manufacturing overhead, while work-in-process is transferred to finished goods which are then transferred to cost of goods sold. 3. Manufacturing overhead is first controlled and then allocated to work-in-process and finally to cost of goods sold.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Download as docx, pdf, or txt
    320 views3 pages

    Acc311 Excel Week3 Project 1

    Uploaded by

    Lilian L
    1. The document shows journal entries for materials control, work-in-process control, finished goods control, cost of goods sold, and manufacturing overhead control accounts. 2. Materials are transferred into work-in-process and manufacturing overhead, while work-in-process is transferred to finished goods which are then transferred to cost of goods sold. 3. Manufacturing overhead is first controlled and then allocated to work-in-process and finally to cost of goods sold.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 3

    JOURNAL ENTRIES

    1 Materials Control 800


    Accounts payable control 800

    2 Work-in-Process Control 710


    Materials Control 710

    3 Manufacturing Overhead Control 100


    Materials Control 100

    4 Work-in-Process Control 1300


    Manufacturing Overhead Control 900
    Wage payable control 2200

    5 Manufacturing Overhead Control 400


    accumulated depreciation control 400

    6 Manufacturing Overhead Control 550


    Miscellaneous control 550

    7 Work-in-Process Control 2080


    Manufacturing Overhead Allocated 2080
    160% * 1300
    8 Finished Goods Control 4120
    Work-in-Process Control - COGS 4120

    9 Accounts receivable control 8000


    revenues 8000

    10 COGS 4020
    Finished Goods Control 4020

    11 Manufacturing Overhead Allocated 2080


    Manufacturing Overhead Control 1950
    COGS 130

    T-ACCOUNTS

    Materials Control
    beginning 100
    1 800
      710 2
      100 3
    ending 90  

    Work-in-Process Control
    beginning 60
    2 710

    4 1,300

    7 2,080
      4120 8
    ending 30
     

    Finished Goods Control


    beginning 500
    8 4120
      4,020 10
    ending 600

    Cost of Goods Sold


    beginning -  
    4,02
    10 0
      130 11

    ending 3,890

    Manufacturing
    Overhead Control
    beginning -
    3 100
    4 900
    5 400
    6 550
      1950 11
    ending 0

    Manufacturing Overhead
    Allocated
    beginning -  

    11 2,080
      2,080 7
    ending 0  

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