Emirates College of Technology Assignment # 1 Question 2:4 Marks) Alpha Corporation had the following transactions during its first month of operations: 1. Purchased raw materials on account, $ 100,000. 2. Raw Materials of $40,000 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 $125,000. Time tickets indicated that $98,000 was direct labor and $27,000 was indirect labor. 4. Overhead costs incurred on account were $130,000. 5. Manufacturing overhead was applied at the rate of 120% ofdirect labor cost. 6. Goods costing $142,000 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods. 7. Finished goods costing $110,000 to manufacture were sold on account for $135,000. Required: Journalize the above transactions for Alpha Corporation. (Each transaction 1 mark, transaction2 : 2 marks)