Magoro,Inc

question 32

Essay

Magoro,Inc.has two processes-Coloring Department and Mixing Department.The company sold 450 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 $80,000 and $90,000 of indirect costs to the Coloring Department and Mixing Department,respectively.The actual overhead costs incurred amounted to $150,000 at the end of the year.What are the journal entries to record the sale of goods and the adjustment for over/underallocated manufacturing overhead at the end of the year if the company follows a perpetual inventory system and process costing?

Apply critical thinking to evaluate tort case scenarios, determining the possibility of success and suggesting suitable legal actions.

Understand the interplay between tort law and scientific principles in proving causation and the role of legal tests like Daubert.

Analyze the ethical considerations and legal defenses involved in tort actions, including the role of truth as a defense in defamation cases.

Recognize the societal impacts of tort law, particularly on privacy, personal reputation, and business implications.