Question

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 $51,500 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 $8,600. 7. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 8. Goods costing $95,500 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 not indent manually.)

Answer 1

Answer
Journal Entries
No.	Account Titles and Explanation	Debit	Credit
1	Raw Material Inventory	$       52,800
	Accounts Payable		$       52,800
2	Work in process	$       35,900
	Manufacturing Overheads	$         9,600
	Raw Material Inventory		$       45,500
3	Factory Wages	$       68,000
	Wages Payable		$       51,500
	Payroll Taxes Payable		$       16,500
4	Work in process	$       55,100
	Manufacturing Overheads	$       12,900
	Factory Wages		$       68,000
5	Manufacturing Overheads	$       84,700
	Overheads Payable		$       84,700
6	Depreciation Expense	$         8,600
	Accumulated depreciation - Office building		$         8,600
7	Work in process (150% of $55100)	$       82,650
	Manufacturing Overheads		$       82,650
8	Finished Goods Inventory	$       95,500
	Work in process		$       95,500
9-a	Accounts Receivables	$     105,600
	Sales		$     105,600
9-b	Cost of goods sold	$       81,400
	Finished Goods Inventory		$       81,400
	( To Record the cost of the sale )

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