03 Oct raw material
Torre Corporation incurred the following transactions.
1.
Purchased raw materials on account $48,430.
2.
Raw Materials of $39,990 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,450 was classified as indirect materials.
3.
Factory labor costs incurred were $63,960, of which $50,440 pertained to factory wages payable and $13,520 pertained to employer payroll taxes payable.
4.
Time tickets indicated that $51,310 was direct labor and $12,650 was indirect labor.
5.
Manufacturing overhead costs incurred on account were $83,950.
6.
Depreciation on the company�s office building was $8,990.
7.
Manufacturing overhead was applied at the rate of 150% of direct labor cost.
8.
Goods costing $94,640 were completed and transferred to finished goods.
9.
Finished goods costing $78,100 to manufacture were sold on account for $105,360.
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