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

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Accounting

Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $5,100, Work in ProcessCutting $3,600, Work in ProcessAssembly $11,600, and Finished Goods $32,600. During July, the following transactions occurred.

1. Purchased $62,700 of raw materials on account.
2. Incurred $61,600 of factory labor. (Credit Wages Payable.)
3. Incurred $71,600 of manufacturing overhead; $42,000 was paid and the remainder is unpaid.
4. Requisitioned materials for Cutting $16,600 and Assembly $9,600.
5. Used factory labor for Cutting $33,400 and Assembly $28,200.
6. Applied overhead at the rate of $21 per machine hour. Machine hours were Cutting 1,720 and Assembly 1,800.
7. Transferred goods costing $68,290 from the Cutting Department to the Assembly Department.
8. Transferred goods costing $135,000 from Assembly to Finished Goods.
9. Sold goods costing $152,800 for $202,700 on account.

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No. Account Titles and Explanation Debit Credit (To record the cost of goods sold) (To record the sale)

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