Units sold costs assigned to cogs

Assignment Help Accounting Basics

Reference no: EM13669573

Morewell 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 process costing system? (8 points)

Record Journal Entries Below:
Units sold

Units sold, costs assigned to COGS

MOH adjusted for under/overallocated overhead (Circle under or over)

Reference no: EM13669573

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