Exercise 16-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $51,800. 2. Raw Materials of $45,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,000 was classified as indirect materials. 3. Factory labor costs incurred were $64,100, of which $51,200 pertained to factory wages payable and $12,900 pertained to employer payroll taxes payable. 4. Time tickets indicated that $54,900 was direct labor and $9,200 was indirect labor 5. Manufacturing overhead costs incurred on account were $83,600 6. Depreciation on the company's office building was $8,700. Manufacturing overhead was applied at the rate of 160% of direct labor cost. 8. Goods costing $97,400 were completed and transferred to finished goods. 9. Finished goods costing $82,100 to manufacture were sold on account for $105,300