Crawford Corporation incurred the following transactions. 1. Purchased raw materials...
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Accounting
Crawford Corporation incurred the following transactions.
1.
Purchased raw materials on account $54,500.
2.
Raw Materials of $38,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,000 was classified as indirect materials.
3.
Factory labor costs incurred were $62,500, of which $50,500 pertained to factory wages payable and $12,000 pertained to employer payroll taxes payable.
4.
Time tickets indicated that $54,700 was direct labor and $7,800 was indirect labor.
5.
Manufacturing overhead costs incurred on account were $84,900.
6.
Depreciation on the companys office building was $8,800.
7.
Manufacturing overhead was applied at the rate of 150% of direct labor cost.
8.
Goods costing $91,400 were completed and transferred to finished goods.
9.
Finished goods costing $75,300 to manufacture were sold on account for $109,700.
Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No
Account Titles and Explanation
Debit
Credit
1
2
3
4
5
6
7
8
9
(to record the sale)
(to record the cost of the sale)
Answer & Explanation
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