[lego24]

Problem:

A 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 $125,000 of which $100,000 pertained to factory wages payable & $25,000 pertained to employer payroll taxes payable

4. Time tickets indicated that $104,000 was direct labor & $21,000 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.

7. Goods costing $135,000 are still incomplete at the end of the month; the other goods were comopleted & transferred to finished goods.

8. Finished goods costing $100,000 to manufacture were sold on account for $130,000.

Instructions:
Journalize the above transactions for the Corporation

[lego24]

I didn't get a chance to put up what I had so far when I posted the question. This is what I have & if someone can let me know if I'm going in the right direction or if I'm completely off, that would be great



1. Raw Material Inventory 85,000
Accounts Payable 85,000

2. Work in Process Inventory 24,000
Manufacturing Overhead 6,000
Raw Materials Inventory 30,000

3. Factory Labor 125,000
Factory Wages Payable 100,000
Employer Payroll Taxes Payable 25,000

4. Work in Process Inventory 104,000
Manufacturing Overhead 21,000
Factory Labor 125,000

5. Work in Process Inventory 112,000
Manufacturing Overhead 112,000

8. Accounts Receivable 130,000
Sales 130,000

Cost of Goods Sold 100,000
Finished Goods Inventory 100,000

[ahmedgad]

Where are the rest of the answers