Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
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Category > Accounting Posted 17 Aug 2017 My Price 8.00

Torre Corporation

E2-7  Torre Corporation incurred the following transactions.

1.  Purchased raw materials on account $46,300.

2.  Raw materials of $36,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,800 was classified as indirect materials.

3.  Factory labor costs incurred were $55,900, of which $51,000 pertained to factory wages payable and $4,900 pertained to employer payroll taxes payable.

4.  Time tickets indicated that $50,000 was direct labor and $5,900 was indirect labor.

5.  Manufacturing overhead costs incurred on account were $80,500.

6.  Depreciation on the company’s office building was $8,100.

7.  Manufacturing overhead was applied at the rate of 150% of direct labor cost.

8.  Goods costing $88,000 were completed and transferred to finished goods.

9.  Finished goods costing $75,000 to manufacture were sold on account for $103,000.

Instructions

Journalize the transactions. (Omit explanations.)

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Aug 2017 04:08 PM My Price 8.00

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