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:

Series of Beeps

Audible signals emitted by a computer or device to indicate status or error messages.

Internal Hardware

Components within a computer system that are essential for its functioning, including CPU, RAM, and storage devices.

Processor Performance

A measure of how well a computer's CPU executes tasks, influenced by factors like clock speed, cores, and threads.

CPU

Central Processing Unit, the primary component of a computer that performs most of the processing inside a computer.