Author Question: The Robinson Corporation manufactures automobile parts. During the year, the company sold $5,600,000 ... (Read 60 times)

anjilletteb · **on:** Mar 6, 2021

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?
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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

momo1250 · **Reply #1 on:** Mar 6, 2021

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