The Robinson Corporation manufactures automobile parts. During the year, the company sold $5,200,000 of parts that...

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The Robinson Corporation manufactures automobile parts. During the year, the company sold $5,200,000 of parts that had a cost of $3,500,000. At year end, these are the balances for cost of goods sold and its manufacturing overhead accounts: Cost of goods sold Manufacturing overhead allocated Manufacturing overhead control $3,500,000 $1,100,000 $1,995,000 What would be the correct journal entry to close out the overhead accounts assuming that the write-off to cost of goods sold approach is used? The Robinson Corporation manufactures automobile parts. During the year, the company sold $5,200,000 of parts that had a cost of $3,500,000. At year end, these are the balances for cost of goods sold and its manufacturing overhead accounts: Cost of goods sold Manufacturing overhead allocated Manufacturing overhead control $3,500,000 $1,100,000 $1,995,000 What would be the correct journal entry to close out the overhead accounts assuming that the write-off to cost of goods sold approach is used?

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Given Sales Revenue 5200000 Cost of Goods Sold 3500000 Manufacturing Overhead Allocated 1100000 Manu... View the full answer