Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Crawtord Corporation incurred the following transactions. 1. Purchased raw materials on account $51,000. 2. Raw Materials of $42,300 were requisitioned to the factory. An analysis

image text in transcribed
image text in transcribed
Crawtord Corporation incurred the following transactions. 1. Purchased raw materials on account $51,000. 2. Raw Materials of $42,300 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,800 was classified as indirect materials 3. Factory labor costs incurred were $66,200, of which $50,600 pertained to factory wages payable and $15,600 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,000 was direct labor and $11,200 was indirect labor. 5. Manufacturing overhead costs incurred on account were $81,600. 6. Depreciation on the company's office building was $8,200. 7. Manufacturing overhead was applied at the rate of 160% of direct labor cost. 8. Goods costing $89,400 were completed and transferred to finished goods. 9. Finished goods costing $84,400 to manufacture were sold on account for $110,500. Joumalize the transsctions. (Grefit occount tities ore actometicaly indented when amourt be entered Do mot indent manualy) No. Account Titles and Explanation (1) (2) Debit Credit (1) (3) (4) (5) (6) (7) (i) Cfe recay ithe salet () TFe recars mur cost of the mini

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions