Michael Paints Has Two Processes-Coloring Department and Mixing Department

question 110

Essay

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.

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Definitions:

Majority/Minority Influential Differences

The differing impacts that majority and minority groups can have on influencing opinions, behaviors, and societal norms.

Divergent Thinking

A way of solving problems characterized by creative and non-linear approaches, often leading to multiple possible solutions.

Abstract Thinking

The ability to think about objects, principles, and ideas that are not physically present; involves higher-order reasoning and complex thought processes.

Convergent Thinking

A cognitive process in which a person attempts to find a single, correct solution to a problem.