Fort Corporation had the following transactions during its first month of operations:
1. Purchased raw materials on account, $85,000.
2. Raw Materials of $30,000 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 $100,000 of which $80,000 pertained to factory wages payable and $20,000 pertained to employer payroll taxes payable.
4. Time tickets indicated that $84,000 was direct labor and $16,000 was indirect labor.
5. Overhead costs incurred on account were$112,000.
6. Manufacturing overhead was applied at the rate of 150% of direct labor cost
Instructions
Journalize the above transactions for Fort Corporation