Author Question: The Robinson Corporation manufactures automobile parts. During the year, the company sold $5,600,000 ... (Read 50 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?
◦

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

A FREE account is required to view all solutions!

Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.

Answer Preview

Only 29% of students answer this correctly