Lincoln Manufacturing Company incurred the following actual manufacturing overhead costs: (1) cash paid for plant supervisor's salary, $43,000; (2) depreciation on manufacturing equipment, $15,000; and (3) manufacturing supplies used, $1,150 (Lincoln uses the periodic inventory method for manufacturing supplies). Applied overhead amounted to $58,000.
Required
a. Open the appropriate T-accounts and record the manufacturing overhead costs described.
b. Record the entry Lincoln would make to close the Manufacturing Overhead account to Cost of Goods Sold.