Prepare journal entries to summarize 2017 transactions: as your final entry, dispose of the year-end under- or overallocatwd manufacturing overhead as a write-off to the Cost of Goods Sold account. Assume COGS given $4,020 does not include the write off of over allocated manufacturing overhead.

SRS COST DATA Direct materials and supplies purchased on credit: $800 Direct materials used: $710 Indirect materials issued to various production departments: $100 Direct manufacturing labor: $1.300 Indirect manufacturing labor incurred by various production departments: S900 Depreciation on building and manufacturing equipment: $400 Miscellaneous manufacturing overhead incurred by various production departments: $550 o (Ordinarily, this would be detailed as repairs, photocopying, utilities, etc.) Manufacturing overhead allocated at 160% of direct manufacturing labor costs: ? Cost of goods manufactured: $4,120 Revenues: S8,000 Cost of goods sold (before adjustment for under- or overallocated manufacturing overhead): $4,020 Inventories, December 31, 2016 (not 2017): o Materials control: $100 o Work- o Finished goods control: S500 in-process control: S60