Your answer is partially correct. Try again. rawford Corporation incurred the fo

Question

Your answer is partially correct. Try again. rawford Corporation incurred the following transactions. 1. Purchased raw materials on account $46,300. 2. Raw Materials of $36,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $ 3. Factory labor costs incurred were $59,900, of which $51,000 pertained to factory wages payable and $8,900 pertained to employer payroll taxes payable. Time tickets indicated that $54,000 was direct labor and $5,900 was indirect labor. 5. Manufacturing overhead costs incurred on account were $80,500. 6. Depreciation on the company's office building was $8,100. 7. Manufacturing overhead was applied at the rate of 150% of direct labor cost 8. Goods costing $88,000 were completed and transferred to finished goods 9. Finished goods costing $75,000 to manufacture were sold on account for $103,000. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 4. No. Account Titles and Explanation Debit Credit 1) Raw Materials Inventory 46300 Accounts Payable 46300 (2) Manufacturing Overhead 6800 Work in Process Inventory 29200 36000

Explanation / Answer

Journal entries: Accounts title and explanations Debit $ Credit $ Raw material Inventory 46300     Accounts payable 46300 Work in Process Inventory Account Dr. 29200 Manufacturing OH Dr. 6800      Raw material inventory 36,000 Factory Labour Dr. 59900       Factory Wages payable 51000        Employer payroll taxes payable 8900 Work in Process Inventory Account Dr. 54000 Manufacturing OH Dr. 5900       Factory Labour 59900 Manufacturiing OH Account Dr. 80500       Accounts payable 80500 Depreciation Expense Account Dr. 8,100      Accumulated dep-Office building 8,100 Work in Process Inventory Account Dr. 76500         Manufacturing OH (51000*150%) 76500 Finished Goods inventory Dr. 88000      Work in process inventory 88,000 Accounts receivable Dr. 103000.00        Sales revenue 103000 Cost of Goods inventory Account Dr. 75000          Finished Goods inventory 75000

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