Exercise 3-4 (Video) Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $5,200, Work in Process-Cutting $3,900, Work in Process-Assembly $10,800, and Finished Goods $32,600. During July, the following transactions occurred. 1. Purchased $63,100 of raw materials on account. 2. Incurred $60,200 of factory labor. (Credit Wages Payable.) 3. Incurred $72,000 of manufacturing overhead; $42,900 was paid and the remainder is unpaid. 4. Requisitioned materials for Cutting $17,200 and Assembly $9,500. 5. Used factory labor for Cutting $33,200 and Assembly $27,000. 6. Applied overhead at the rate of $20 per machine hour. Machine hours were Cutting 1,720 and Assembly 1,800. 7. Transferred goods costing $69,120 from the Cutting Department to the Assembly Department. 8. Transferred goods costing $137,000 from Assembly to Finished Goods. 9. Sold goods costing $152,600 for $203,000 on account. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (To record the cost of goods sold) (To record the sale) Click if you would like to Show Work for this question: Open Show Work