Exercise 16-7

Torre Corporation incurred the following transactions.

1.		Purchased raw materials on account $46,300.
2.		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.
3.		Factory labor costs incurred were $55,900, of which $51,000 pertained to factory wages payable and $4,900 pertained to employer payroll taxes payable.
4.		Time tickets indicated that $50,000 was direct labor and $5,900 was indirect labor.
5.		Manufacturing overhead costs incurred on account were $80,500.
6.		Depreciation on the companys office building was $8,100.
7.		Manufacturing overhead was applied at the rate of 150% of direct labor cost.
8.		Goods costing $88,000 were completed and transferred to finished goods.
9.		Finished goods costing $75,000 to manufacture were sold on account for $103,000.

Journalize the transactions