Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. schrager company has two production departments cu

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

70.2K

Verified Solution

Question

Accounting

image
image
image
Schrager Company has two production departments Cutting and Assembly, July 1 inventories are Raw Materials $4,400. Work in Process-Cutting $3,500, Work in Process-Assembly $11,500, and Finished Goods $32,200. During July, the following transactions occurred. 1. 2. 3 5. Purchased $64.600 of raw materials on account. Incurred $60.200 of factory labor. (Credit Wages Payable.) Incurred $72,800 of manufacturing overhead: $41,600 was paid and the remainder is unpaid. Requisitioned materials for Cutting $17.200 and Assembly 59,600. Used factory labor for Cutting $33,100 and Assembly $27.100. Applied overhead at the rate of $20 per machine hour. Machine hours were Cutting 1.720 and Assembly 1,750. Transferred goods costing $69.000 from the Cutting Department to the Assembly Department Transferred goods costing $136,600 from Assembly to Finished Goods. Sold goods costing $151.700 for $201.100 on account. 6. 7 8. 9. Debit Credit No. Account Titles and Explanation 1 2. 3. 4 . 7 8. 9. (To record the cost of goods sold) (To record the sale)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students