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
◦
Cost of goods sold
$3,200,000
Gross profit
$2,400,000
◦
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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