CALCULATOR FULL SCREEN PRINTER VERSION BACK Exercise 21-04 Waterway Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $5,200, Work in Process-Cutting $3,700, Work in Process-Assembly $10,800, and Finished Goods $32,800. During July, the following transactions occurred. 1. 2. Purchased $63,700 of raw materials on account. Incurred $61,900 of factory labor. (Credit Wages Payable.) 3. Incurred $71,500 of manufacturing overhead; 541,600 was paid and the remainder ls unpaid 4. Requisitioned materials for Cutting $17,800 and Assembly $9,300. Used factory labor for Cutting $34,900 and Assembly $27,000. 6. Applied overhead at the rate of $20 per machine hour. Machine hours were Cutting 1,710 and Assembly 1,770 7. Transferred goods costing $69 410 from the Cutting Department to the Assembly Department. 8. Transferred goods costing $136,900 from Assembly to Finished Goods. 9. Sold goods costing $151,800 for $201,400 on account Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually,) No. Account Titles and Explanation dy Debit Credit 1. 2