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  3. ford motor corporation had the following transacti

Ford Motor Corporation had the following transactions during its first month of operations: 1. Purchased...

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Accounting

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Ford Motor Corporation had the following transactions during its first month of operations: 1. Purchased raw materials on account, $85,000. 2. Raw materials of $30,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,000 was classified as indirect manterials. 3. Factory labor costs incurred were $175,000 of which $145,000 pertained to factory wages payable and $30,000 pertained to employer payroll taxes payable. 4. Time tickets indicated that $145,000 was direct labor and $30,000 was indirect labor. 5. Overhead costs incurred on account were $198,000. 6. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 7. Goods costing $115,000 are still incomplete at the end of the month; the other goods were completed and transferred to Finished Goods Inventory. 8. Finished Goods Inventory with a cost of $100,000 was sold on account for $130,000. Journalize the above transactions for Ford Motor Corporation

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