Question #3: 25 Points Agriculture Sprinkler, Inc. had the following transactions during its first month of operations: 1. 2. 3. Purchased raw materials on account, $26,925. Raw Materials of $21,440 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $1,710 was classified as indirect materials. Factory labor costs incurred were $41,150 of which $38,063 pertained to factory wages payable and $3,087 pertained to employer payroll taxes payable. 4. Time tickets indicated that $34,900 was direct labor and $6,250 was indirect labor. 5. 6. 7. 8. Overhead costs incurred on account were $56,590. Manufacturing overhead was applied at the rate of 160% of direct labor cost. Goods costing $12,650 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods. Finished goods costing $36,515 to manufacture were sold on account for $67,720. Instructions Journalize the above transactions for Agriculture Sprinkler, Inc. Omit Explanations