The following account balances were taken from the general ledger accounts of the Ellery Corporation. January...

  

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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 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 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. 320,000 850,000 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 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 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. 320,000 850,000