kimmel, Accounting, 6e CALCULATOR PRINTER VERSION BACK NEXT Exercise 16-4 Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $5,000, Work in Process-Cutting $3,700, Work in Process -Assembly $11,000, and Finished Goods $32,100. During July, the following transactions occurred 1. Purchased $63,000 of raw materials on account. 2. Incurred $60,600 of factory labor. (Credit Wages Payable.) 3. Incurred $71,700 of manufacturing overhead; $42,600 was paid and the remainder is unpaid. 4. Requisitioned materials for Cutting $16,400 and Assembly $9,600 5. Used factory labor for Cutting $33,200 and Assembly $27,400. 6. Applied overhead at the rate of $20 per machine hour. Machine hours were Cutting 1,720 and Assembly 1,77 7. Transferred goods costing $69,250 from the Cutting Department to the Assembly Department. 8. Transferred goods costing $135,200 from Assembly to Finished Goods 9. Sold goods costing $152,400 for $203,000 on account. Journalize the transactions. (Credi it account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. Kimmel, Accounting, 6e No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. S. 21 Kimmel, Accounting, 6e Help I System Announcements 6. 8. udy 9. To record the cost of goods sold) (To record the sale 21