Question \#3: 25 Points ET Alloy Casting Company of Benicia, California, Inc. had the following transactions during its first month of operations: 1. Purchased raw materials on account, $26,925. 2. Raw Materials of $24,970 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $1,970 was classified as indirect materials. 3. Factory labor costs incurred were $52,185 of which $48,270 pertained to factory wages payable and $3,915 pertained to employer payroll taxes payable. 4. Time tickets indicated that $48,400 was direct labor and $3,785 was indirect labor. 5. Overhead costs incurred on account were $61,585. 6. Manufacturing overhead was applied at the rate of 125% of direct labor cost. 7. Goods costing $6,850 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods. 8. Finished goods costing $21,805 to manufacture were sold on account for $42,970. Instructions Journalize the above transactions for ET Alloy Company. Omit Explanations