Exercise 17-4 Schrager Compary has two production departments: Curtting and Assembly. July 1 Inventories are Raw Mateals $4,700, Work in Process-Cutting $3,200, Work in Pracess-Assembly $10,800, and Finished Goods $32,700. During July, the following transactions occurred. 1. Purchased $63,000 of raw materiais on account. 2. Incurred $60,700 of factory labor. (Credit Wages Payable.) 3. Incurred $72,600 of manufacturing overhead; $42,800 was paild and the remainder is unpaid. 4. Requisitioned materials for Cutting $15,800 and Assembly $9,100 5 Used factory labor for Cutting $34,000 and Assembly $26,700. 6. Applied overhead at the rate of $19 per machine hour. Hachine hours were Cutting 1,690 and Assembly 1,750 7. Transferred goods costing $69,410 from the Cutting Department to the Assembly Department 8. Transferred goods costing $135,900 from Assembly to Finished Goods 9. Sold goods costing $151,300 for $201,700 on account ournalize the transactions. (Credit account tities are automatically indented when amount is entered. Do not indent manually-)