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"Marshall Enterprises charged the following amounts of overhead to jobs during the year: $20,000 to jobs still in process, $60,000 to jobs completed but not sold, and $120,000 to jobs finished and sold. At year-end, Marshall Enterprise's Factory Overhead account has a credit balance of $5,000, which is not a material amount. What entry should Marshall make at year-end?"

Respuesta :

Answer:

Given that,

Jobs still in process = $20,000

Jobs completed but not sold = $60,000

Jobs finished and sold = $120,000

Marshall Enterprise's Factory Overhead account has a credit balance of $5,000

Therefore, the journal entry is as follows:

Factory overhead A/c Dr. $5,000

          To Cost of goods sold A/c      $5,000

(To record the cost of goods sold)

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