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  3. waterway corporation incurred the following transa

Waterway Corporation incurred the following transactions 1. 2 3. 4. Purchased raw materials on account...

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Accounting

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Waterway Corporation incurred the following transactions 1. 2 3. 4. Purchased raw materials on account $50,600. Raw Materials of $42,300 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,500 was classified as indirect materials. Factory labor costs incurred were $65,500. Time tickets indicated that $54,400 was direct labor and $11,100 was indirect labor. Manufacturing overhead costs incurred on account were $83,100. Manufacturing overhead was applied at the rate of 160% of direct labor cost. Goods costing $92,700 were completed and transferred to finished goods. Finished goods costing $81,800 to manufacture were sold. 5. . 7. 8. Manufacturing Costs Factory Labor Raw Materials Inventory Manufacturing Overhead $ $ $ 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 Manufacturing Overhead Work in Process Inventory Finished Goods Inventory Cost of Goods Sold $ $

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