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.