Question & Answer: company sold $5,700,000 of parts that had a cost of $3,400,000. At year​ end, these are the balances for cost of goods sold and its manufactur…..

The Robinson Corporation manufactures automobile parts. During the​ year, the company sold $5,700,000 of parts that had a cost of $3,400,000. At year​ end, these are the balances for cost of goods sold and its manufacturing overhead​ accounts:

Cost of goods sold $3,400,000
Manufacturing overhead allocated $1,200,000
Manufacturing overhead control $2,095,000

What would be the correct journal entry to close out the overhead accounts assuming that the

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write −of to cost of goods sold approach is​ used?

Expert Answer

 

Under applied amount = Actual Amount – Allocated Amount

= 2095000 – 1200000

= 895000

Particulars Debit Credit
Cost of goods sold 895000
    To Manufacturing Overhead Control 895000

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