Elder Corporation incurred the following transactions.1. Purchased raw materials

Elder Corporation incurred the following transactions.1. Purchased raw materials on account $46300.2. Raw Materials of $36000 were requisitioned to the factory. Ananalysis of the materials requisition slips indicated that $6800was classified as indirect materials.3. Factory labor costs incurred were $53900 of which $49000pertained to factory wagespayable and $4900 pertained to employer payroll taxes payable.4. Time tickets indicated that $48000 was direct labor and $5900was indirect labor.5. Overhead costs incurred on account were $80500.6. Manufacturing overhead was applied at the rate of 150% of directlabor cost.7. Goods costing $88000 were completed and transferred to finishedgoods.8. Finished goods costing $75000 to manufacture were sold onaccount for $103000.Instructions Journalize the transactions. (List multipledebit/credit entries in descending order of amount.)