The following account balances were taken from the general ledger accounts of theEllen Corporation. January 1 December
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Question:
The following account balances were taken from the general ledger accounts of theEllen Corporation.
January 1 December 31
Materials P60,000 P80,000
Work in Process 85,000 110,000
Finished Goods 120,000 90,000
Factory Overhead Control 330,000
Applied Factory Overhead (applied at a rate
of 80% of direct labor cost) 320,000
Cost of Goods Sold 850,000
Required: Cost of Goods Sold Statement
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