Exercise 15-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,600. 2. Raw Materials of $44,800...

4.2 Ratings (671 Votes)

No	Account titles & Explanations	debit	Credit

1)	Raw materials inventory	53,600
	accounts payable		53,600


2)	work in process inventory	35,200
	Factory overhead	9,600
	Raw materials inventory		44,800


3)	Factory wages	66,300
	factory wages payable		51,500
	factory payroll taxes payable		14,800


4)	work in process inventory	55,200
	Factory overhead	11,100
	Factory wages		66,300


5)	Factory overhead	85,200
	Accounts payable		85,200


6)	Depreciation expense	8,400
	Accumulated depreciation		8,400


7)	work in process inventory	82800
	Factory overhead (54900*160%)		82,800


8)	finished goods inventory	98,400
	Work in process inventory		98,400


9)	Accounts receivable	108,400
	Sales		108,400

	cost of goods sold	82,700
	Finished goods		82,700

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Other questions asked by students

1.		Purchased raw materials on account $53,600.
2.		Raw Materials of $44,800 were requisitioned to the factory. Ananalysis of the materials requisition slips indicated that $9,600was classified as indirect materials.
3.		Factory labor costs incurred were $66,300, of which $51,500pertained to factory wages payable and $14,800 pertained toemployer payroll taxes payable.
4.		Time tickets indicated that $55,200 was direct labor and$11,100 was indirect labor.
5.		Manufacturing overhead costs incurred on account were$85,200.
6.		Depreciation on the company’s office building was $8,400.
7.		Manufacturing overhead was applied at the rate of 150% ofdirect labor cost.
8.		Goods costing $98,400 were completed and transferred tofinished goods.
9.		Finished goods costing $82,700 to manufacture were sold onaccount for $108,400.