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:

Primitive Symbols

Basic or rudimentary forms of representation used to convey meanings or concepts without the use of words.

Tertiary Circular Reactions

In Piaget's stages of cognitive development, this phase (12-18 months) involves the purposeful adaptation of established schemes to new situations.

Secondary Circular Reactions

Repetitive actions in infants (4-8 months old) focused on external objects as a means to learn about their environment.

Coordination

The capacity to coordinate various body parts seamlessly and effectively.