E3.23 (LO 2, 3, 4, 5) Torre Corporation incurred the following transactions.

Purchased raw materials on account $46,300.

Raw materials of $36,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,800 was classified as indirect materials.

Factory labour costs incurred were $55,900.

Time tickets indicated that $50,000 was direct labour and $5,900 was indirect labour.

Manufacturing overhead costs incurred on account were $80,500.

Depreciation on the companys office building was $8,100.

Manufacturing overhead was applied at the rate of 150% of direct labour cost.

Goods costing $88,000 were completed and transferred to finished goods.

Finished goods costing $75,000 to manufacture were sold on account for $103,000.