Schwager 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 $10,000, and finished Goods $2.500. During July, the following transactions occurred 1. Purchased $63,700 of raw materials on account 2. incurred 561,900 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 517,800 and Assembly 59,300 5. Used factory labor for Cutting $34,900 and Assembly $27.000 6. Applied overhead at the rate of $20 per machine hour Machine hours were Cutting 1,710 and Assembly 1.770. 7. Transferred goodscouting 569.410 from the cutting Department to the Assembly Department 8. Transferred goods conting $136,900 from Assembly to shed Goods 9. Sold goods costing 5151,800 for $201.400 on account - Help System Announcements No. Account Titles and Explanation Debit Credit REW Kimmel, Accounting, 7e Help System Announcements (To record the cost of goods sold) (To record the sale) SHOW LIST OF ACCOUNTS