Exercise 3-4 Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,300, Work in Process-Cutting $3,700, Work in Process-Assembly $11,000, and Finished Goods $33,000. During July, the following transactions occurred 1. Purchased $64,000 of raw materials on account. 2. Incurred $61,100 of factory labor. (Credit Wages Payable.) 3. Incurred $73,000 of manufacturing overhead; $42,200 was paid and the remainder is unpaid 4. Requisitioned materials for Cutting $15,900 and Assembly $9,000 5. Used factory labor for Cutting $33,500 and Assembly $27,600. 6. Applied overhead at the rate of $21 per machine hour. Machine hours were Cutting 1,690 and Assembly 1,780 7. Transferred goods costing $69,160 from the Cutting Department to the Assembly Department. 8. Transferred goods costing $136,600 from Assembly to Finished Goods 9. Sold goods costing $152,400 for $202,200 on account. ournalize 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