Question 8 Kirk Manufacturing Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,195, Work in Process-Cutting $3,166, Work in Process-Assembly $10,505, and Finished Goods $31,303. During July, the following transactions occurred. Purchased $62,915 of raw materials on account. Incurred $56,229 of factory labor. (Credit Wages Payable.) Incurred $70,007 of manufacturing overhead; $39,645 was paid and the remainder is unpaid. Requisitioned materials for Cutting $15,690 and Assembly $8,511. Used factory labor for Cutting $28,785 and Assembly $26,986. Applied overhead at the rate of $16 per machine hour. Machine hours were Cutting 1,497 and Assembly 2,124. Transferred goods costing $67,741 from the Cutting Department to the Assembly Department. Transferred goods costing $134,900 from Assembly to Finished Goods. Sold goods costing $150,012 for $200,433 on account. Instructions Journalize the transactions. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.) Description/Account Debit Credit 1. 62915 62915 2. 56229 56229 3. 70007 39645 30362 4. 5. 6. 7. 8. 9. 150012 150012 (To record cost of goods sold.) 200433 200433 (To record sales.)