Exercise 21-4 Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,200, Work in ProcessCutting $2,900, Work in ProcessAssembly $10,600, and Finished Goods $31,000. During July, the following transactions occurred. 1. Purchased $62,500 of raw materials on account. 2. Incurred $60,000 of factory labor. (Credit Wages Payable.) 3. Incurred $70,000 of manufacturing overhead; $40,000 was paid and the remainder is unpaid. 4. Requisitioned materials for Cutting $15,700 and Assembly $8,900. 5. Used factory labor for Cutting $33,000 and Assembly $27,000. 6. 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. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6. 7. 8. 9. (To record the cost of goods sold) (To record the sale) SHOW LIST OF ACCOUNTS LINK TO TEXT