Managerial Accounting Exam 1 Prep.

Crawford Corporation incurred the following transactions:

Purchased raw materials on account $46,300.Raw Materials of $36,000were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,800was classified as indirect materials.

Factory labor costs incurred were $59,900, of which $51,000pertained to factory wages payable and $8,900pertained to employer payroll taxes payable.Time tickets indicated that $54,000was direct labor and $5,900was indirect labor.Manufacturing overhead costs incurred on account were $80,500. Depreciation on the company's office building was $8,100. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing $88,000were completed and transferred to finished goods. Finished goods costing $75,000to manufacture were sold on account for $103,000.