E16-4 Schrager Company has two production departments: Cutting and Assembly inventories are Raw Materials $4,200, Work in Process Cutting $2,900, Work in Process o 22 Exercises Jy $10,600, and Finished Goods $31,000. During July, the following transactions Assembly $10.600 occurred. 1. Purchased $62.5 2. Incurred $60,000 chased $62,500 of raw materials on account. irred $60,000 of factory labor. (Credit Wages Payable.) Tocurred $70,000 of manufacturing overhead: $40,000 was paid and the remainder is unpaid. Requisitioned materials for Cutting $15.700 and Assembly $8.900. Used factory labor for Cutting $33,000 and Assembly $27,000. Applied overhead at the rate of $18 per machine hour. Machine hours were Cutting 1,680 and Assembly 1,720. 7. Transferred goods costing $67,600 from the Cutting Department to the Assembly Department. 8. Transferred goods costing $134,900 from Assembly to Finished Goods. 9. Sold goods costing $150,000 for $200,000 on account. Instructions Journalize the transactions. (Omit explanations.) inle are entered at the beginning of each process. Work note and produc- Compute phys equivalent uni