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Marino,Inc.completed the production of 500 units with standard costs of $520 for direct materials and $75 for conversion costs.During the current year,it incurred $260,000 for direct materials and $31,000 for conversion costs.The company uses a just-in-time costing system.Record the adjusting entry for the amount of underallocated or overallocated conversion costs.Omit explanation.
Horizontal Layers
Layers of material, such as sedimentary rock, that are deposited in a flat or nearly flat arrangement.
Sediment
Particulate material, ranging from microscopic to large boulders, transported and deposited by water, wind, ice, or gravity.
River Terraces
Step-like landforms along the sides of valleys and rivers, formed by the erosion of soil and rock and the deposition of sediments.
Alluvial Fans
Fan or cone-shaped deposits of sediment crossed and built up by streams, typically found at the outlet of canyons.
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