Journalige morations for two processes. E164 (LO 2) Schrager Company has two production departments Cutting and Assembly, July 1 invento- ries are Raw Materials $4,200, Work in Process Cutting $2,900, Work in Process -Assembly S10,600, and Finished Goods S31.000. During July, the following transactions occurred. 1. Purchased $62,500 of raw materials on account 2. Incurred 560,000 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 533.000 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 567.00) from the Cutting Department to the Assembly Department 8. Transferred goods costing S134.900 from Assembly to Finished Goods. 9. Sold goods costing $150,000 for $200,000 on account