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10. Louis Corporation had the following transactions during its first month of operations: 1. Purchased raw materials on account, $85,000. 2. Raw Materials of $30.000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,000 was classified as indirect materials. 3. Factory labor costs incurred were $150,000 of which $120,000 pertained to factory wages payable and $30,000 pertained to employer payroll taxes payable. 4. Time tickets indicated that $126,000 was direct labor and $24,000 was indirect labor. 5. Overhead costs incurred on account were $168,000. 6. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 7. Goods costing $115,000 are still incomplete at the end of the month the other goods were completed and transferred to finished goods, 8. Finished goods costing $100,000 to manufacture were sold on account for $130,000 Instructions Joumalize the above transactions for Louis Corporation 10. Louis Corporation had the following transactions during its first month of operations: 1. Purchased raw materials on account, $85,000. 2. Raw Materials of $30,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,000 was classified as indirect materials, 3. Factory labor costs incurred were $150,000 of which $120,000 pertained to factory wages payable and $30,000 pertained to employer payroll taxes payable. 4. Time tickets indicated that $126,000 was direct labor and $24,000 was indirect labor. 5. Overhead costs incurred on account were $168,000. 6. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 7. Goods costing $115,000 are still incomplete at the end of the month the other goods were completed and transferred to finished goods. 8. Finished goods costing $100,000 to manufacture were sold on account for $130,000 Instructions Joumalize the above transactions for Louis Corporation