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nii, Al Ahlia Corporation incurred the following transactions. i. Purchased raw materials on account $56,300. ii. Raw Materials of $46,800 were requisitioned to the factory.
nii, Al Ahlia Corporation incurred the following transactions. i. Purchased raw materials on account $56,300. ii. Raw Materials of $46,800 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,500 was classified as indirect materials. Factory labor costs incurred were $54,800, of which $50,000 pertained to factory wages payable and $4,800 pertained to employer payroll taxes payable. iv. Time tickets indicated that $48,000 was direct labor and $6,800 was indirect labor. v. Overhead costs incurred on account were $90,500. vi. Manufacturing overhead was applied at the rate of 165% of direct labor cost. vii. Goods costing $98,000 were completed and transferred to finished goods. viii. Finished goods costing $85,000 to manufacture were sold on account for $101,500. Instructions Journalise the transactions
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