Exercise 16-04 Schrager Company has two production departments Cutting and Assembly. Juy 1 inventories are Raw Materials 55,100, Work in Process-Outting $3.200, Work in Process Assembly $11,200, and finished Goods $32.800. During ly the following transactions occurred. 1. Purchased $63,700 of raw materials on account. 2. incurred $60,500 of factory labor. (Credit Wages Payable) 3. Incurred $71,700 of manufacturing overhead; 141,400 was paid and the remainder is unpaid. 4. Requisitioned materials for Cutting $16,800 and Assembly $9,900. 5. Used factory labor for Cutting 133,600 and Assembly $26,900. 6. Applied overhead at the rate of 21 per machine hour. Machine hours were Cutting 1,700 and Assembly 1,790 7. Transferred goods costing $61,100 from the Cutting Department to the Army Department 8. Transferred goods costing $116,300 from Assembly to finished Goods 9. Sold goods costing $152.400 for $201,900 on account. Journalize the transactions. (Credit account tities are multiply indented when amount is entered. Do not indent manually No. Account Thies and Explanation LALLULAIUR H