Reference no: EM131767120

Question - Elder Corporation incurred the following transactions.

Purchased raw materials on account $52,100.

Raw Materials of $37,900 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,700 was classified as indirect materials.

Factory labor costs incurred were $58,400, of which $50,500 pertained to factory wages payable and $7,900 pertained to employer payroll taxes payable.

Time tickets indicated that $53,700 was direct labor and $7,300 was indirect labor.

Overhead costs incurred on account were $84,700.

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

Goods costing $98,600 were completed and transferred to finished goods.

Finished goods costing $76,400 to manufacture were sold on account for $111,900.

Required - JOURNALIZE THE TRANSACTIONS.