iPad 11:25 AM ASSIGNMENT RESOURCES Exercise 16-4 Schrager Manufacturing Company has two production departments: Cutting and Assembly. July 1 inventories are Ravw Materials $4,420, Work in Process-Cutting $3,860, work in Process-Assembly $11,460, and Finished Goods $32,230. During July, the following transactions occurred. Exercise 16-3 1. Purchased $64,340 of raw materials on account. 2. Incurred $60,360 of factory labor. (Credit Wages Payable.) 3. Incurred $72,060 of manufacturing overhead; $42,960 was paid and the remainder is unpaid. 4. Requisitioned materials for Cutting $15,820 and Assembly $9,520. 5. Used factory labor for Cutting $34,780 and Assembly $25,580. 6. Applied overhead at the rate of $21 per machine hour. Machine hours were Cutting 1,730 and Assembly 1,800. 7. Transferred goods costing $68,760 from the Cutting Department to the Assembly Department 8. Transferred goods costing $136,890 from Assembly to Finished Goods. 9. Sold goods costing $151,370 for $201,640 on account. Exercise 16-6 Exercise 16-11 Exercise 16-13 Exercise 16-15 Dournalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit Objective 2. 3