Malcolm Company produces two products: products A and B. To assign manufacturing overhead to the two products, the company uses one single predetermined overhead rate for both products, and uses machine hours as the allocation base. The following data are given for the year 2021:

Actual manufacturing overhead incurred during 2021	$480,000
Estimated manufacturing overhead (estimated before the year 2021 started)	$400,000
Estimated activity level in terms of number of machine hours expected to be used in 2021 (estimated before the year 2021 started):
Product A	200,000 machine hours
Product B	300,000 machine hours
Actual activity level in terms of number of machine hours actually used in 2021:
Product A	250,000 machine hours
Product B	280,000 machine hours
Units of the product produced during 2021:
Product A	460,000 units
Product B	240,000 units

At the end of each year, the company makes adjustment entries to close out under- and over-applied manufacturing overhead to Cost of Goods Sold. What is the journal entry to dispose of the under-/over-applied manufacturing overhead to Cost of Goods Sold at the end of 2021?

DR Manufacturing Overhead $80,000 CR Cost of Goods Sold $80,000

DR Cost of Goods Sold $56,000 CR Manufacturing Overhead $56,000

DR Cost of Goods Sold $80,000 CR Manufacturing Overhead $80,000

DR Manufacturing Overhead $56,000 CR Cost of Goods Sold $56,000