Exercise 15-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $46,600. 2....

Exercise 15-7

Crawford Corporation incurred the following transactions.

1.		Purchased raw materials on account $46,600.
2.		Raw Materials of $40,800 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,000 was classified as indirect materials.
3.		Factory labor costs incurred were $60,300, of which $50,100 pertained to factory wages payable and $10,200 pertained to employer payroll taxes payable.
4.		Time tickets indicated that $55,700 was direct labor and $4,600 was indirect labor.
5.		Manufacturing overhead costs incurred on account were $83,700.
6.		Depreciation on the company’s office building was $8,500.
7.		Manufacturing overhead was applied at the rate of 160% of direct labor cost.
8.		Goods costing $89,900 were completed and transferred to finished goods.
9.		Finished goods costing $80,900 to manufacture were sold on account for $104,200.

Journalize the transactions.

Expert Solution

ekkarill92 answered 11 months ago

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