Briton Inc

question 24

Essay

Briton Inc.has two processes-Coloring Department and Mixing Department.Briton sold 350 gallons on account at $110 per gallon.The total cost of processing was $385,000 for 5,500 gallons of paint.Throughout the year,the company used a predetermined overhead allocation rate to allocate $75,000 and $65,000 of indirect costs to the Coloring Department and Mixing Department,respectively.The actual overhead cost incurred amounted to $150,000 at the end of the year.Record the necessary journal entries for the sale of goods and for adjustment of over- or underallocated manufacturing overhead at the end of the year.Briton uses the perpetual inventory system and process costing.

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Definitions:

Accommodations

Adjustments or modifications made to environments, tasks, or procedures to assist individuals in completing tasks or accessing services.

Graphic Rating Scales

A performance evaluation method where employees are rated on a scale to visually represent their proficiency in specific areas.

Performance Appraisals

A regular review and evaluation of an employee’s job performance and contribution to the organization, often used to determine promotions, compensations, and development needs.

Traditional Unstructured

Describes approaches, processes, or methods that lack a formal framework, often relying on informal practices.