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Michael Paints has two processes-Coloring Department and Mixing Department. Michael 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, Michael 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/underallocated manufacturing overhead at the end of the year.
Displaying Diplomas
The act of publicly presenting educational credentials or achievements, often to convey credibility or qualifications.
Operating Information
Essential data and insights concerning the day-to-day functioning and performance of a business or system.
Covering Up
The act of hiding errors, faults, or misconduct, usually to avoid criticism or consequences, not recommended in ethical leadership practices.
Magnifying Accomplishments
Actively emphasizing and enlarging one's achievements or contributions to appear more significant than they might actually be.
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