Schrager Company has two production departments Cutting and Assembly July 1 inventories are Raw Materials $5.588, Workin

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Schrager Company Has Two Production Departments Cutting And Assembly July 1 Inventories Are Raw Materials 5 588 Workin 1 (33.65 KiB) Viewed 11 times

Schrager Company has two production departments Cutting and Assembly July 1 inventories are Raw Materials $5.588, Workin Procen-Cutting $3.900, Work in Process-Assembly $10,800, and Finished Goods $32.600. During July, the following transactions occurred 1 2 3. 4. 5 7. 8 Purchased $63.100 of raw materials on account. Incurred $60,200 of factory labor. (Credit Wapes Payable) incurred $72,000 of manufacturing overhead: $42.900 was paid and the remainder is unpaid Requisitioned materials for Cutting $17.200 and Assembly $9.500. Used factory labor for Cutting $33.200 and Assembly $27.000. Applied overhead at the rate of $20 per machine hour. Machine hours were Cutting 1.720 and Assembly 1.800. Transferred goods costing 569,120 from the Cutting Department to the Assembly Department Transferred goods costing $137.000 from Assembly to Finished Goods Sold goods costing $152.000 for $203.000 on account Journalire the transactions. (Credit account titles are automatically indented when amount is entered. De not indent manually No. Account Titles and Explanation 2 2 Debit Credit