question archive Torre Corporation incurred the following transactions
Torre Corporation incurred the following transactions
Subject:ManagementPrice: Bought3
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. Journalize.
