Briton Inc

question 24

Essay

Briton Inc.has two processes-Coloring Department and Mixing Department.Briton 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,the company 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- or underallocated manufacturing overhead at the end of the year.Briton uses the perpetual inventory system and process costing.

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Definitions:

Sympathetic

Part of the autonomic nervous system responsible for the body's "fight or flight" response to stress.

Parasympathetic

Relating to the part of the autonomic nervous system that conserves energy by slowing down the heart rate and increasing intestinal and gland activity.

Somatic

Relating to the body, especially as distinct from the mind.

Peripheral

Relating to or situated on the edge or periphery of something; often used to describe things that are not of primary importance.