CALCULATOR FULL SCREEN PRINTER VERSION Exercise 2-7 (Video) Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $52,200. Raw Materials of $42,600 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,500 was dassified as indirect materials. Factory labor costs incurred were $60,700, of which $50,200 pertained to factory wages payable and $10,500 pertained to employer payroll taxes payable. Time tickets indicated that $55,000 was direct labor and $5,700 was indirect labor Manufacturing overhead costs incurred on account were $81,500. Depreciation on the company's office building was $8,500. Manufacturinig overhead was applied at the rate of 150 % of direct labor cost. Goods costing $93,200 were completed and transferred to finished goods. Finished goods costing $84,300 to manufacture were sold on account for $113,200. 2. 3. 4. 5. 6. 7. 8. 9. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. ACCount Titles and Explanation Debit Credit (1) Raw Materials Inventory 52200 52200 Accounts Payable (2) Work in Process Inventory Manufacturing Overhead Raw Materials Inventory 42600 (3) (4) (5) (5) (6) (7) (8) (9) (To record the sale) (To record the cost of the sale)