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Acc311 Excel Week3 Project 1

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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Lilian L
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520 views3 pages

Acc311 Excel Week3 Project 1

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.

Uploaded by

Lilian L
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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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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