Cost accounting 301
Question:
Prepare the journal entries for the following:
1. When raw materials are received, Give an example
1. When raw materials are sent to the factory floor, Give an example
1. When a job is completed, what happen to the cost, Give an example
1. Overhead expenses ( salary) paid by cheque $ 5000
1. 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)
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