Elder 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 $53,900, of which $49,000 pertained to factory wages payable and $4,900 pertained to employer payroll taxes payable.

4. Time tickets indicated that $48,000 was direct labor and $5,900 was indirect labor.

5. Overhead costs incurred on account were $80,500.

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

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

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

Instructions

Journalize the transactions. (Omit explanations.)

Job Number	Materials	Factory Labor
A20	$ 35,240	$18,000
A21	42,920	22,000
A22	36,100	15,000
A23	39,270	25,000
General factory use	4,470	7,300
Â	$158,000	$87,300

3. Manufacturing overhead costs incurred on account $39,500.

4. Depreciation on machinery and equipment $14,550.

5. Manufacturing overhead rate is 80% of direct labor cost.

6. Jobs completed during the quarter: A20, A21, and A23.

Instructions

Prepare entries to record the operations summarized above. (Prepare a schedule showing the individual cost elements and total cost for each job in item 6.)