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Exercise 2A-7 Crane Corporation incurred the following transactions. 1. Purchased raw materials on account $47,000. 2. Raw Materials of $44,200...

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Accounting

Exercise 2A-7

Crane Corporation incurred the following transactions.

1.Purchased raw materials on account $47,000.
2.Raw Materials of $44,200 were requisitioned to the factory. Ananalysis of the materials requisition slips indicated that $7,300was classified as indirect materials.
3.Factory labor costs incurred were $60,100.
4.Time tickets indicated that $54,400 was direct labor and $5,700was indirect labor.
5.Manufacturing overhead costs incurred on account were$83,600.
6.Manufacturing overhead was applied at the rate of 160% ofdirect labor cost.
7.Goods costing $94,800 were completed and transferred tofinished goods.
8.Finished goods costing $81,800 to manufacture were sold.


Record the transactions. (Enter negative amounts usingeither a negative sign preceding the number e.g. -45 or parenthesese.g. (45).)

Manufacturing Costs
Raw MaterialsInventoryFactoryLaborManufacturingOverheadWork in ProcessInventoryFinished GoodsInventoryCost of GoodsSold
1.Purchased raw materials$$$$$$
2.Direct materials
2.Indirect materials
3.Incurred factory labor
4.Direct labor
4.Indirect labor
5.Overhead costs incurred
6.Assigned overhead
7.Completed goods
8.Goods sold
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2A7ParticularsRaw Material InventoryFactory LabourManufacturing    See Answer
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