Question

Exercise 15-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $52,800. 2. Raw Materials of $45,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,600 was classified as indirect materials 3. Factory labor costs incurred were $68,000, of which 551,500 pertained to factory wages payable and $16,500 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,100 was direct labor and $12.900 was indirect labor. 5. Manufacturing overhead costs incurred on account were $84.700. 6. Depreciation on the company's office building was 58,600 7. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 8. Goods costing 595,500 were completed and transferred to finished goods. 9. Finished goods costing $81,400 to manufacture were sold on account for $105,600. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do mot indent manually.) No. Account Titles and Explanation Debit Credit (To record the sale) (To record the cost of the sale)

Answer 1

Answer:

Journalize the transactions:

S.No	Particulars	Debit ($)	Credit ($)
1	raw materials	52800
	account payble		52800
2	work in process	35900
	maufaturing overhed (indirect material)	9600
	raw material inventory		45500
3	factory labor cost	68000
	factory wages payble		51500
	payroll taxes expenses		16500
4	direct labor	55100
	indirect labor (manufacturing overhead)	12900
	factory labor cost		68000
5	manufacturing overhead	84700
	accounts payable		84700
6	depreciation expenses	8600
	accumulated depreciation - building		8600
7	work in process (55100*150%)	82650
	manufacturing overhead		82650
8	finished goods	95500
	work in process		95500
9	accounts receivable	105600
	sales		105600
	(To record the sales)
	cost of goods sold	81400
	finished goods		81400
	(To record the cost of sales)