Prepare the journal entries for the following:
- When raw materials are received, Give an example
- When raw materials are sent to the factory floor, Give an example
- When a job is completed, what happen to the cost, Give an example
- Overhead expenses ( salary)paid by cheque $ 5000
- Utilities (Indirect expenses) paid in cash $ 10000
f)Salaries totaling $5,000 are accrued; 35% of these costs are direct labor,40% are indirect labor and 25% are overhead expense. Prepare the journal entry.
g)Overhead costs are allocated to work in process using an allocation rate of 150% of direct labor costs and 300% of overhead expenses.
Prepare the journal entry. (Give different examples- examples should not be same)