Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Cash Cost of Completed Service Contracts Cost of Goods Sold Depreciation Expense Employer Fringe Benefits Payable Employer Payroll Taxes Payable Factory Labor Factory Wages Payable Finished Goods Inventory Manufacturing Overhead Operating Overhead Prepaid Property Taxes Raw Materials Inventory Salaries and Wages Expense Salaries and Wages Payable Sales Service Contracts in Process Supplies Utilities Payable Work in Process Inventory

Torre Corporation incurred the following transactions.

1.		Purchased raw materials on account $52,520.
2.		Raw Materials of $41,130 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,190 was classified as indirect materials.
3.		Factory labor costs incurred were $56,260, of which $51,680 pertained to factory wages payable and $4,580 pertained to employer payroll taxes payable.
4.		Time tickets indicated that $51,420 was direct labor and $4,840 was indirect labor.
5.		Manufacturing overhead costs incurred on account were $82,370.
6.		Depreciation on the companys office building was $8,680.
7.		Manufacturing overhead was applied at the rate of 160% of direct labor cost.
8.		Goods costing $96,710 were completed and transferred to finished goods.
9.		Finished goods costing $79,700 to manufacture were sold on account for $105,540.

Journalize.

No.	Account Titles and Explanation	Debit	Credit
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
	(To record the sale)
	(To record the cost of the sale)