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Crane Corporation incurred the following transactions. 1. 2. Raw Materials of $37,440 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,120 was classified as indirect materials. Factory labor costs incurred were $62,320. Time tickets indicated that $56,160 was direct labor and $6,160 was indirect labor. Manufacturing overhead costs incurred on account were $83,720. 6. Depreciation on the company's office building was $8,400. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing $91,520 were completed and transferred to finished goods. 9. Finished goods costing $78,000 to manufacture were sold on account for $107,120. 3. 4. 5. 7. Purchased raw materials on account $48,200. 8. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Crane Corporation incurred the following transactions. 1. 2. Raw Materials of $37,440 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,120 was classified as indirect materials. Factory labor costs incurred were $62,320. Time tickets indicated that $56,160 was direct labor and $6,160 was indirect labor. Manufacturing overhead costs incurred on account were $83,720. 6. Depreciation on the company's office building was $8,400. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing $91,520 were completed and transferred to finished goods. 9. Finished goods costing $78,000 to manufacture were sold on account for $107,120. 3. 4. 5. 7. Purchased raw materials on account $48,200. 8. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

FINANCIAL ACCOUNTING
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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Crane Corporation incurred the following transactions. Purchased raw materials on account $48,200. Raw Materials of $37,440 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,120 was classified as indirect materials. Factory labor costs incurred were $62,320. Time tickets indicated that $56,160 was direct labor and $6,160 was indirect labor. Manufacturing overhead costs incurred on account were $83,720. 6. Depreciation on the company's office building was $8,400. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing $91,520 were completed and transferred to finished goods. Finished goods costing $78,000 to manufacture were sold on account for $107,120. 1. 2. 3. 4. 5. 7. 8. 9. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Transcribed Image Text:Crane Corporation incurred the following transactions. Purchased raw materials on account $48,200. Raw Materials of $37,440 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,120 was classified as indirect materials. Factory labor costs incurred were $62,320. Time tickets indicated that $56,160 was direct labor and $6,160 was indirect labor. Manufacturing overhead costs incurred on account were $83,720. 6. Depreciation on the company's office building was $8,400. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing $91,520 were completed and transferred to finished goods. Finished goods costing $78,000 to manufacture were sold on account for $107,120. 1. 2. 3. 4. 5. 7. 8. 9. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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