Question

3. 14-17) BAICK -/5 Question 7 of 25 View Policies Current Attempt in Progress 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) Credit Debit No. Account Titles and Explanation BE Search

Answer 1

Sl.no	Account title	Debit	Credit
1	Raw Material	$       52,800
	Accounts Payable		$       52,800
	(To record the purchase on account)
2	Work in process	$       45,500
	Manufacturing Overhead	$         9,600
	Raw material Inventory		$       55,100
	(To record requisition of raw material )
3	Factory wages	$       68,000
	Wages payable		$       51,500
	Payroll taxes payable		$       16,500
	(To record the wages and payroll taxes payable)
4	Work in process	55100
	Manufacturing Overhead	12900
	Factory wages		68000
	(To record direct and indirect labor)
5	Manufacturing Overhead	$       84,700
	Accounts payable		$       84,700
	(To record the manufacturing overhead on account)
6	Depreciation	$         8,600
	Accumulated Depreciation		$         8,600
	(To record depreciation expense)
7	Work in process	$       82,650
	Manufacturing Overhead		$       82,650
	(To record applied overhead) [$55,100*150%]=$82,650
8	Finished goods	$       95,500
	Work in process		$       95,500
	(To record the goods transferred to finished goods)
9a.	Accounts Receivable	$     105,600
	Sales		$     105,600
	(To record the sales on account)
9b.	Cost of goods sold	$       81,400
	Finished goods		$       81,400
	(To record the cost of goods sold)

----------------------------------------------------------------------------------------------------------------------

If you have any doubts, drop your messages in the comment box! Thank you!!!  ALL THE BEST!!!!
Please rate this answer, If you like the answer, kindly raise your THUMBS-UP button.
#STAY SAFE