81.6k views
0 votes
Crawford corporation incurred the following transactions 55600

2 Answers

4 votes

Final answer:

The subject of this question is Business. The student is asking about the transactions incurred by Crawford Corporation.

Step-by-step explanation:

The subject of this question is Business. The student is asking about the transactions incurred by Crawford Corporation. In order to provide a detailed answer, more information is needed about the nature of the transactions.

User Lfx
by
7.9k points
1 vote

Final answer:

The requested journal entries for the provided transactions are detailed across multiple lines due to the complexity of the transactions; providing a one-line summary may not capture the necessary detail.

Step-by-step explanation:

Certainly, let's journalize the transactions:

1. Purchased raw materials on account $55,600.

```plaintext

No. Account Titles and Explanation Debit Credit

-------------------------------------------------------------

1. Raw Materials Inventory $55,600

Accounts Payable $55,600

```

2. Raw Materials of $36,400 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,600 was classified as indirect materials.

```plaintext

No. Account Titles and Explanation Debit Credit

-------------------------------------------------------------

2. Work in Process $26,800

Manufacturing Overhead $9,600

Raw Materials Inventory $36,400

```

3. Factory labor costs incurred were $65,100, of which $51,800 pertained to factory wages payable and $13,300 pertained to employer payroll taxes payable.

```plaintext

No. Account Titles and Explanation Debit Credit

-------------------------------------------------------------

3. Factory Wages Payable $51,800

Employer Payroll Taxes Payable $13,300

Cash $65,100

```

4. Time tickets indicated that $55,700 was direct labor and $9,400 was indirect labor.

```plaintext

No. Account Titles and Explanation Debit Credit

-------------------------------------------------------------

4. Work in Process $55,700

Manufacturing Overhead $9,400

Factory Wages Payable $65,100

```

5. Manufacturing overhead costs incurred on account were $85,500.

```plaintext

No. Account Titles and Explanation Debit Credit

-------------------------------------------------------------

5. Manufacturing Overhead $85,500

Accounts Payable $85,500

```

6. Depreciation on the company's office building was $8,700.

```plaintext

No. Account Titles and Explanation Debit Credit

-------------------------------------------------------------

6. Depreciation Expense $8,700

Accumulated Depreciation $8,700

```

7. Manufacturing overhead was applied at the rate of 160% of direct labor cost.

(You would apply overhead based on the direct labor cost calculated earlier.)

8. Goods costing $94,000 were completed and transferred to finished goods.

```plaintext

No. Account Titles and Explanation Debit Credit

-------------------------------------------------------------

8. Finished Goods Inventory $94,000

Work in Process $94,000

```

9. Finished goods costing $80,200 to manufacture were sold on account for $113,700.

```plaintext

No. Account Titles and Explanation Debit Credit

-------------------------------------------------------------

9. Accounts Receivable $113,700

Sales $113,700

Cost of Goods Sold $80,200

Finished Goods Inventory $80,200

```

Your complete question is: Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $55,600. 2. Raw Materials of $36,400 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,600 was classified as indirect materials 3. Factory labor costs incurred were $65,100, of which $51,800 pertained to factory wages payable and $13,300 pertained to employer payrolil taxes payable. 4、 Time tickets indicated that $55,700 was direct labor and $9,400 was indirect labor. 5. Manufacturing overhead costs incurred on account were $85,500. 6. Depreciation on the company's office building was $8,700. 7, Manufacturing overhead was applied at the rate of 160% of direct labor cost. 8. Goods costing $94,000 were completed and transferred to finished goods. 9. Finished goods costing $80,200 to manufacture were sold on account for $113,700. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually,) No. Account Titles and Explanation Debit Credit (2) 1

User Alan Yong
by
9.9k points