Exercise 2A-7
Crane Corporation incurred the following transactions.
| 1. | | Purchased raw materials on account $47,000. |
| 2. | | Raw Materials of $44,200 were requisitioned to the factory. Ananalysis of the materials requisition slips indicated that $7,300was classified as indirect materials. |
| 3. | | Factory labor costs incurred were $60,100. |
| 4. | | Time tickets indicated that $54,400 was direct labor and $5,700was indirect labor. |
| 5. | | Manufacturing overhead costs incurred on account were$83,600. |
| 6. | | Manufacturing overhead was applied at the rate of 160% ofdirect labor cost. |
| 7. | | Goods costing $94,800 were completed and transferred tofinished goods. |
| 8. | | Finished goods costing $81,800 to manufacture were sold. |
Record the transactions. (Enter negative amounts usingeither a negative sign preceding the number e.g. -45 or parenthesese.g. (45).)
| | | Manufacturing Costs | | | | | | | |
| | | Raw MaterialsInventory | | FactoryLabor | | ManufacturingOverhead | | Work in ProcessInventory | | Finished GoodsInventory | | Cost of GoodsSold | |
| 1. | Purchased raw materials | | $ | | $ | | $ | | $ | | $ | | $ | |
| 2. | Direct materials | | | | | | | | | | | | | |
| 2. | Indirect materials | | | | | | | | | | | | | |
| 3. | Incurred factory labor | | | | | | | | | | | | | |
| 4. | Direct labor | | | | | | | | | | | | | |
| 4. | Indirect labor | | | | | | | | | | | | | |
| 5. | Overhead costs incurred | | | | | | | | | | | | | |
| 6. | Assigned overhead | | | | | | | | | | | | | |
| 7. | Completed goods | | | | | | | | | | | | | |
| 8. | Goods sold | | | | | | | | | | | | | |
| Click if you would like toShow Work for this question: | Open Show Work |
