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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Don't provide answers in image format
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.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education