1 /courses/BACC230 1-1-173/Assignment%201.pdf 214 QUESTION 3 Crawford Corporation incurred the following transactions. Purchased raw materials on account $66,300. Raw materials of $56,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,800 was classified as indirect materials. Factory labor costs incurred were $79,900, of which $71,000 pertained to factory wages payable and $8,900 pertained to employer payroll taxes payable. Time tickets indicated that $54,000 was direct labor and $2,900 was indirect labor. Manufacturing overhead costs incurred on account were $85,500. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing $98,000 were completed and transferred to finished goods. Finished goods costing $73,000 to manufacture were sold on account for $110,000. 1. 2. 3. 4. 5. 6. 7. 8. Instructions: Prepare entries to record the operations summarized above. QUESTION 4 Panda Corporation incurred the following transactions. 1. Cash purchases of raw materials costing $40,000. 2. Raw materials of $20,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $5,000 was classified as indirect materials. 3. Factory labor costs incurred were $30,000, of which $25,500 pertained to factory wages payable and $4,500 pertained to employer payroll taxes payable. 4. Time tickets indicated that $54,000 was direct labor and $5,900 was indirect labor