Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. exercise 16-7 crawford corporation incurred the fo

Exercise 16-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $46,600...

90.2K

Verified Solution

Question

Accounting

imageimageimage

Exercise 16-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $46,600 2. Raw Materials of $40,800 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,000 was classified as indirect materials 3. Factory labor costs incurred were $60,300, of which $50,100 pertained to factory wages payable and $10,200 pertained to employer payroll taxes payable 4. Time tickets indicated that $55,700 was direct labor and $4,600 was indirect labor 5. Manufacturing overhead costs incurred on account were $83,700 6. Depreciation on the company's office building was $8,500 7. Manufacturing overhead was applied at the rate of 160% of direct labor cost. 8. Goods costing $89,900 were completed and transferred to finished goods 9. Finished goods costing $80,900 to manufacture were sold on account for $104,200 Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students