1 answer

Exercise 15-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,000. 2....

Question:

Exercise 15-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,000. 2. RawNo. Account Titles and Explanation Debit Credit (1) Raw Materials Inventory 53,000 Accounts Payable 53,000 (2) Work in Proces

6) Depreciation Expense Accumulated Depreciation-Buildings (7) Work in Process Inventory Manufacturing Overhead (8) Finished

Exercise 15-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,000. 2. Raw Materials of $45,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,400 was classified as indirect materials. 3. Factory labor costs incurred were $65,400, of which $50,200 pertained to factory wages payable and $15,200 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,000 was direct labor and $10,400 was indirect labor. 5. Manufacturing overhead costs incurred on account were $81,700. 6. Depreciation on the company's office building was $8,100. 7. Manufacturing overhead was applied at the rate of 160% of direct labor cost. 8. Goods costing $89,400 were completed and transferred to finished goods. 9. Finished goods costing $76,000 to manufacture were sold on account for $105,100. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No. Account Titles and Explanation Debit Credit (1) Raw Materials Inventory 53,000 Accounts Payable 53,000 (2) Work in Process Inventory Manufacturing Overhead Raw Materials Inventory (3) Factory Labor Factory Wages Payable Employer Payroll Taxes Payable (4) Work in Process Inventory Manufacturing Overhead Factory Labor (5) Manufacturing Overhead Accounts Payable
6) Depreciation Expense Accumulated Depreciation-Buildings (7) Work in Process Inventory Manufacturing Overhead (8) Finished Goods Inventory Work in Process Inventory (9) Accounts Receivable Sales Revenue (To record the sale) Cost of Goods Sold Finished Goods Inventory (To record the cost of the sale)

Answers

Credit Debit $53,000 $ 53,000 $ 35,800 & 9, 4oo $ 45,200 $65,400 $ So, 200 $ 15,200 Transaction General Journal 1. Raw materiCalculation: Work in 2 Process = Raw material inventory - Manufacturing overhead $ 45,200 - $ 9,400 $ 35,800 = - 3. Payroll t

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