Basic Chemicals Ltd incurred the following transactions during the accounting period:

1.    Purchased raw materials on account $45 850.

2.    Raw materials of $36 400 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6740 was classified as indirect materials.

3.    Factory labour costs incurred were $52 570, of which $49 030 pertained to factory wages payable and $3540 pertained to payroll taxes payable.

4.    Time tickets indicated that $47 340 was direct labour and $5230 was indirect labour.

5.    Overhead costs incurred on account were $79 360.

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

7.    Goods costing $87 710 were completed and transferred to finished goods.

8.    Finished goods costing $74 970 to manufacture were sold on account for $103 990.

Required

Prepare general journal entries to record the above transactions