Crane Corporation incurred the following transactions. 1. Purchased raw materials on account $48,200. 2. Raw Materials of $37,440 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,120 was classified as indirect materials. 3. Factory labor costs incurred were $62,320. 4. 5. 6. 7. 8. 9. Time tickets indicated that $56,160 was direct labor and $6,160 was indirect labor. Manufacturing overhead costs incurred on account were $83,720. Depreciation on the company's office building was $8,400. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing $91,520 were completed and transferred to finished goods. Finished goods costing $78,000 to manufacture were sold on account for $107,120. No. Account Titles and Explanation Debit (1) Raw Materials Inventory 48200 Accounts Payable (2) Work in Process Inventory 30320 Manufacturing Overhead Raw Materials Inventory 7120 (3) Factory Labor 62320 Factory Wages Payable (4) Work in Process Inventory 56160 Manufacturing Overhead Factory Labor (5) Manufacturing Overhead Accounts Payable (6) Depreciation Expense Accumulated Depreciation-Buildings (7) Work in Process Inventory Manufacturing Overhead (8) Finished Goods Inventory Work in Process Inventory (9) Accounts Receivable Sales Revenue (To record the sale) Cost of Goods Sold Finished Goods Inventory 6160 Credit 6