Wildhorse Corporation had the following transactions during its first month of operations: 1. Purchased raw materials on account, $110,500. 2. 3. Raw materials of $39,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,800 was classified as indirect materials. Factory labor costs incurred were $227,500 of which $188,500 pertained to factory wages payable and $39,000 pertained to employer payroll taxes payable. 4. Time tickets indicated that $188,500 was direct labor and $39,000 was indirect labor. 5. Overhead costs incurred on account were $257,400. 6. 7. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing $149,500 are still incomplete at the end of the month; the other goods were completed and transferred to finished Goods Inventory. 8. Finished Goods Inventory with a cost of $130,000 was sold on account for $169,000.