Exercise 3-4 (Video) Schrager Company has two production departments: Cutting and Assembly. July 1 Inventories are Raw Materials $5,100, Work in Process-Cutting $3,200, Work in Process-Assembly $11,200, and Finished Goods $32,000. During July, the following transactions occurred. 1. Purchased 563,700 of raw materials on account. 2. Incurred 560,500 of factory labor. (Credt Wages Payable.) 3. Incurred $71,700 of manufacturing overhead: 541,400 was paid and the remainder is unpaid. 4. Requisitioned materials for Cutting $16,000 and Assembly $9,900. 5. Used factory labor for Cutting $33,600 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 $60,100 from the Cutting Department to the Assembly Department. 6. Transferred goods costing S136,300 from Assembly to Finished Goods. 9. Sold goods costing $152,400 for $201,900 on account. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Tities and Explanation Debit Credit ment CALCULATOR MESSAGE MY INST (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