Sheffield Corporation incurred the following transactions. 1. 2. 3. 4. 5. 6. 7. 8. 9. Purchased raw materials on account $55,600. Raw Materials of $36,400 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,600 was classified as indirect materials. Factory labor costs incurred were $65,100, of which $51,800 pertained to factory wages payable and $13,300 pertained to employer payroll taxes payable. Time tickets indicated that $55,700 was direct labor and $9,400 was indirect labor. Manufacturing overhead costs incurred on account were $85,500. Depreciation on the company's office building was $8,700. Manufacturing overhead was applied at the rate of 160% of direct labor cost. Goods costing $94,000 were completed and transferred to finished goods. Finished goods costing $80,200 to manufacture were sold on account for $113,700. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (1) Raw Materials Inventory Debit Credit

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Sheffield Corporation incurred the following transactions.
1.
2.
3.
4.
5.
6.
7.
8.
9.
Purchased raw materials on account $55,600.
Raw Materials of $36,400 were requisitioned to the factory. An analysis of the materials requisition slips indicated that
$9,600 was classified as indirect materials.
Factory labor costs incurred were $65,100, of which $51,800 pertained to factory wages payable and $13,300 pertained to
employer payroll taxes payable.
Time tickets indicated that $55,700 was direct labor and $9,400 was indirect labor.
Manufacturing overhead costs incurred on account were $85,500.
Depreciation on the company's office building was $8,700.
Manufacturing overhead was applied at the rate of 160% of direct labor cost.
Goods costing $94,000 were completed and transferred to finished goods.
Finished goods costing $80,200 to manufacture were sold on account for $113,700.
Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(1)
No. Account Titles and Explanation
Raw Materials Inventory
Debit
Credit
Transcribed Image Text:Sheffield Corporation incurred the following transactions. 1. 2. 3. 4. 5. 6. 7. 8. 9. Purchased raw materials on account $55,600. Raw Materials of $36,400 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,600 was classified as indirect materials. Factory labor costs incurred were $65,100, of which $51,800 pertained to factory wages payable and $13,300 pertained to employer payroll taxes payable. Time tickets indicated that $55,700 was direct labor and $9,400 was indirect labor. Manufacturing overhead costs incurred on account were $85,500. Depreciation on the company's office building was $8,700. Manufacturing overhead was applied at the rate of 160% of direct labor cost. Goods costing $94,000 were completed and transferred to finished goods. Finished goods costing $80,200 to manufacture were sold on account for $113,700. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) No. Account Titles and Explanation Raw Materials Inventory Debit Credit
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