Knowledge Check For each of the five transactions described below, use the dropdown boxes to indicate which account should be debited and account should be credited. Transaction Dobit Credit 1. Raw materials worth $12,000 were issued for use in the Cutting Department 2. Manufacturing overhead was applied to the Shaping Department, $10,000 Unshaped, cut snowboards worth $60,000 were transferred from the Cutting Department to the Shaping Department Finished snowboards worth $80,000 were transferred from the Shaping 4 Department to the finished goods warehouse 5. Finished snowboards that cost $100,000 were sold to customers 3 0,000. Cutting Cost of Goods Sold Finished Goods ing Manufacturing Overhead Raw Materials Sales Alin hun Manufacturing Overhead Raw Materials Sales Work in Process-Cutting Work in Process-Shaping