Exerche 16-04 (Video) Sheffield Company has two production departments Cutting and Assembly, July 1 inventories are Raw Materials 54,700, Work in Process-Cutting $3,000, work in Process Assembly $10.000, and finished Goods 132.300 During the following transactions occurred 1. Purchased $6,000 of raw materials on account. 2. Incurred 361.000 of factory labor (Credit Wapes Payable) 1. Arcored 19140 of manufacturing overhead: 541,200 was paid and the remainder ist und 4. Requisitioned materials for Cutting 517.300 d Assembly $9.600. 5. Used factory sbor for Cutting 14.900 and Assembly 526,000 6. Applied read Merate of $20 per machine hour. Machine hours were cutting 1,40 md Assembly 1,700 7. Transferred ads conting from the Cutting Department to the Assembly Department Transferred to 5125.300 from Avem to Finished Goods 9 Sold good costing $151.700 for 5202,000 on account Joumalize the transaction. (Credit account there automatically indented when anant de tered. Do norindent mary) No Account Titles and Explanation Credit SOO PM 22 3. I I 7. 9. (To record the cost of goods sold) (To record the sale) pe here to search