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Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $54,500. 2. Raw Materials of $38,500 were requisitioned to the factory. An analysis
Crawford Corporation incurred the following transactions.
1. | Purchased raw materials on account $54,500. | |
2. | Raw Materials of $38,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,000 was classified as indirect materials. | |
3. | Factory labor costs incurred were $62,500, of which $50,500 pertained to factory wages payable and $12,000 pertained to employer payroll taxes payable. | |
4. | Time tickets indicated that $54,700 was direct labor and $7,800 was indirect labor. | |
5. | Manufacturing overhead costs incurred on account were $84,900. | |
6. | Depreciation on the companys office building was $8,800. | |
7. | Manufacturing overhead was applied at the rate of 150% of direct labor cost. | |
8. | Goods costing $91,400 were completed and transferred to finished goods. | |
9. | Finished goods costing $75,300 to manufacture were sold on account for $109,700. |
Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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) |
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