Wildhorse Corporation had the following transactions during its first month of operations:

1.

Purchased raw materials on account, $110,500.

2.

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.

3.

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.

Manufacturing overhead was applied at the rate of 150% of direct labor cost.

7.

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. Wildhorse Corporation had the following transactions during its first month of operations:

1.		Purchased raw materials on account, $110,500.
2.		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.
3.		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.		Manufacturing overhead was applied at the rate of 150% of direct labor cost.
7.		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.