= View Policies Current Attempt in Progress Schrager Company has two production departments: Cutting and Assembly. During July, the following transactions occurred. 1. Purchased $62,500 of raw materials. 2. Incurred $60,000 of factory labor Incurred $70,000 of manufacturing overhead. 3. 4. 5. 6. Requisitioned materials for Cutting $15.700 and Assembly $8.900. Used factory labor for Cutting $33,000 and Assembly $27.000 Applied overhead at the rate of $18 per machine hour. Machine hours were Cutting 1,680 and Assembly 1.720 Transferred goods costing $67,600 from the Cutting Department to the Assembly Department. Transferred goods costing $109.000 from Assembly to Finished Goods. Sold goods costing $95.000 7. 8 9. Record the transactions using the following format. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). MANUFACTURING COSTS Raw Materials Inventory Factory Labor Mat Direct materials purchased $ $ $ Factory labor incurred Manufacturing overhead incurred Direct materials used . Factory labor assigned 5. Manufacturing Overhead assigned . Transfer from Cutting to Assembly 3. Transfer from Assembly to Finished Goods 2. Record Cost of Goods Sold URING COSTS WORK IN PROCESS ry Labor Manufacturing Overhead Cutting Assembly $ $ $ $ FINISHED GOODS INVENTORY COST OF GOODS SOLD $ ta $