Exercise 15-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $55,800. 2. Raw Materials of $37,600 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,500 was classified as indirect materials. 3. Factory labor costs incurred were $63,000, of which $50,800 pertained to factory wages payable and $12,200 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,600 was direct labor and $7,400 was indirect labor. 5. Manufacturing overhead costs incurred on account were $84,600. 6. Depreciation on the company's office building was $8,300. 7. Manufacturing overhead was applied at the rate of 160% of direct labor cost. 8. Goods costing $93,800 were completed and transferred to finished goods. 9. Finished goods costing $83,900 to manufacture were sold on account for $104,400. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Exercise 15-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $55,800. 2. Raw Materials of $37,600 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,500 was classified as indirect materials. 3. Factory labor costs incurred were $63,000, of which $50,800 pertained to factory wages payable and $12,200 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,600 was direct labor and $7,400 was indirect labor. 5. Manufacturing overhead costs incurred on account were $84,600. 6. Depreciation on the company's office building was $8,300. 7. Manufacturing overhead was applied at the rate of 160% of direct labor cost. 8. Goods costing $93,800 were completed and transferred to finished goods. 9. Finished goods costing $83,900 to manufacture were sold on account for $104,400. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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