Lu Exercise 17-4 Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,900, Work in Process-Cutting $3,800, Work in Process-Assembly $10,900, and Finished Goods $32,000. During July, the following transactions occurred. 2 4 1. Purchased $64,000 of raw materials on account. 5 Incurred $61,000 of factory labor. (Credit Wages Payable.) Incurred $72,000 of manufacturing overhead; $41,500 was paid and the remainder is unpaid. Requisitioned materials for Cutting $17,300 and Assembly $9,400. Used factory labor for Cutting $34,700 and Assembly $26,300. Applied overhead at the rate of $21 per machine hour. Machine hours were Cutting 1,720 and Assembly 1,750. Transferred goods costing $68,460 from the Cutting Department to the Assembly Department. Transferred goods costing $135,500 from Assembly to Finished Goods. Sold goods costing $152,100 for $201,000 on account. 2. -6 ission) 3. -8 4. 7-1 5. 7-3 6. 7. 8. 9. by Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles ari Raw Materials Inventory Debit Credit 1. aw Materials Inventory 2. 3. HOnPUPida nUP Debit Credit NU. ACCOUnTLes d cise 17-2 1. taw Materials Inventory cise 17-3 cise 17-4 rcise 17-5 2. rcise 17-6 wel Submission) ercise 17-8 eview 17-1 3. Review 17-3 e 17-1 se 17-4 Score Results by Objective 4. 5. 6. 7. 5. 6 7. 8. 9, (To record the cost of goods sold) (To record the sale)