ACCT 2000 MAI I-Class exercise - Chapter 4 Name: Student number CLASS NUMBER Bayas Corporation uses job order costing, Bayas uses Normal Costing Method in its costing system which includes two direct cost category - Direct Materials and Direct Labor. And one indirect cost pool. Budgeted Manufacturing overhead was $ 1,200,000 for the year and Bayas allocated the manufacturing overhead to all the jobs performed based on the Direct Manufacturing Costs of the jobs. Budgeted direct manufacturing overhead was $ 1,500,000 for the year. Prepare journal entries for the transactions below. (1) June 1 Bayas purchased Raw materials of S 50,000. (2) June 3 $40,000 are withdrawn from the storeroom for use in Job 102. Of these raw materials 30,000 are classified as direct materials and the remaining materials are classified as indirect materials. (3) June 15 Direct labor costs of $16,000 are incurred for job 102, but not yet paid