Question 1 Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $5,200, Work in Process-Cutting $3,700, Work in Process-Assembly $10,800, and Finished Goods $32,800. During July, the follorwing transactions occurred 1. Purchased $63,700 of raw materials on account. 2. Incurred $61,900 of factory labor. (Credit Wages Payable.) 3. Incurred $71,500 of manufacturing overhead; $41,600 was paid and the remainder is unpaid. 4. Requisitioned materials for Cutting $17,800 and Assembly 9,300 5. Used factory labor for Cutting $34,900 and Assembly $27,000 6. Applled overhead at the rate of $20 per machine hour. Machine hours were Cutting 1,710 and Assembly 1,770. . Transferred goods costing S69,410 from the Cutting Department to the Assembly Dapartment. 8. Transferred goods costing S136,S00 from Assembly to Finished Goods. 9. Sold goods costing $151,800 for $201,400 on account