Reference no: EM132953534
Oriole Corporation incurred the following transactions.
1. Purchased raw materials on account $40,760.
2. Raw Materials of $31,680 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,000 was classified as indirect materials.
3. Factory labor costs incurred were $52,720.
4. Time tickets indicated that $47,520 was direct labor and $5,200 was indirect labor.
5. Manufacturing overhead costs incurred on account were $70,840.
6. Depreciation on the company's office building was $7,120.
7. Manufacturing overhead was applied at the rate of 150% of direct labor cost.
8. Goods costing $77,440 were completed and transferred to finished goods.
9. Finished goods costing $66,000 to manufacture were sold on account for $90,640.
Problem 1: Journalize the transactions.
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