Egerton,Inc

question 48

Essay

Egerton,Inc.has two processes-Coloring Department and Mixing Department.Egerton 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.

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Definitions:

Lookup Field

A field in a database designed to reference values from different tables, facilitating data integrity and consistency.

Criterion

A principle or standard by which something may be judged or decided.

Validation Rule Property

A database feature that allows the user to define criteria or rules that data in a database must comply with to ensure data integrity and consistency.

Short Text

A data type in databases designed to store and manage a small amount of text.