Exercise 14-7 Sunland Corporation incurred the following transactions. 1. 2. 3. 4. Purchased raw materials on account $49,400. Raw Materials of $41,300 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,000 was classified as indirect materials. Factory labor costs incurred were $65,200. Time tickets indicated that $54,600 was direct labor and $10,600 was indirect labor. Manufacturing overhead costs incurred on account were $84,900. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing $96,300 were completed and transferred to finished goods. Finished goods costing $80,700 to manufacture were sold. 5. 6. 7. 8. Raw Materials Inventory Factory Labor Manufacturing Overhead Work in Process Inventory Finished Goods Inventory Cost of Goods Sold 1. Purchased raw materials $ $ $ 2. Direct materials 2. Indirect materials 3. Incurred factory labor 4. Direct labor 4. Indirect labor 5. Overhead costs incurred 6. Assigned overhead 7. Completed goods 8. Goods sold Click if you would like to Show Work for this question: Open Show Work