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Author Question: The Robinson Corporation manufactures automobile parts. During the year, the company sold $5,600,000 ... (Read 61 times)

anjilletteb

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The Robinson Corporation manufactures automobile parts. During the year, the company sold $5,600,000 of parts that had a cost of $3,200,000. At year end, these are the balances for cost of goods sold and its manufacturing overhead accounts:

Cost of goods sold $3,200,000
Manufacturing overhead allocated $1,400,000
Manufacturing overhead control $1,495,000

What would be the correct journal entry to close out the overhead accounts assuming that the write-of to cost of goods sold approach is used?
Manufacturing overhead control $1,495,000
  Cost of goods sold  $95,000
  Manufacturing overhead allocated $1,400,000
Sales $5,600,000
 Cost of goods sold  $3,200,000
 Gross profit $2,400,000
Finished goods $95,000
Manufacturing overhead allocated  $1,400,000
   Manufacturing overhead control $1,495,000
Cost of goods sold $95,000
Manufacturing overhead allocated  $1,400,000
   Manufacturing overhead control $1,495,000


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Marked as best answer by anjilletteb on Mar 6, 2021

momo1250

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anjilletteb

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Reply 2 on: Mar 6, 2021
Wow, this really help


debra928

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Reply 3 on: Yesterday
Excellent

 

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