Michael Paints Has Two Processes-Coloring Department and Mixing Department

question 64

Essay

Michael Paints has two processes-Coloring Department and Mixing Department. Michael sold 200 gallons of paint for $220,000 of which $150,000 was sold on account. The total cost of processing was $385,000 for 5,500 gallons of paint. What are the journal entries to record a sale if Michael follows a process costing system?

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Definitions:

Rest Days

Scheduled periods of time dedicated to recovery and relaxation, away from work or intense physical activity.

Abstinence

The act of refraining from certain behaviors or substances, often used in the context of sexual activity and substance use.

Contraceptive

Any method or device used to prevent pregnancy, including birth control pills, condoms, intrauterine devices (IUDs), implants, and sterilization.

Adolescent

A person in the transitional stage of development between childhood and adulthood, typically between ages 13 and 19.