Grill Corporation incurred the following transactions. 1. Purchased raw materials on account $45,235. 2. Raw Materials...

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Grill Corporation incurred the following transactions. 1. Purchased raw materials on account $45,235. 2. Raw Materials of $35,900 were requisitioned to the factory. An analysis of the materi- als requisition slips indicated that $6,300 was classified as indirect materials. 3. Factory labor costs incurred were $56,900, of which $52,000 pertained to factory wages payable and $4,900 pertained to employer payroll taxes payable. 4. Time tickets indicated that $49,000 was direct labor and $7,900 was indirect labor. 5. Overhead costs incurred on account were $80,500. 6. Manufacturing overhead was applied at the rate of 120% of direct labor cost. 7. Goods costing $88,000 were completed and transferred to finished goods. 8. Finished goods costing $83,000 to manufacture were sold on account for $119,300. Instructions Journalize the transactions. (Omit explanations.) Grill Corporation incurred the following transactions. 1. Purchased raw materials on account $45,235. 2. Raw Materials of $35,900 were requisitioned to the factory. An analysis of the materi- als requisition slips indicated that $6,300 was classified as indirect materials. 3. Factory labor costs incurred were $56,900, of which $52,000 pertained to factory wages payable and $4,900 pertained to employer payroll taxes payable. 4. Time tickets indicated that $49,000 was direct labor and $7,900 was indirect labor. 5. Overhead costs incurred on account were $80,500. 6. Manufacturing overhead was applied at the rate of 120% of direct labor cost. 7. Goods costing $88,000 were completed and transferred to finished goods. 8. Finished goods costing $83,000 to manufacture were sold on account for $119,300. Instructions Journalize the transactions. (Omit explanations.)

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Debit Credit 1 Raw Materials Inventory 45235 Accounts Payable ... View the full answer