View Policies Current Attempt in Progress Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,700, Work in Process-Cutting $3,200, Work in Process-Assembly $10,800, and Finished Goods $32,700. During July, the following transactions occurred. 1. 2. 3. 4. 5. Purchased $63,000 of raw materials on account. Incurred $60,700 of factory labor. (Credit Wages Payable.) Incurred $72,600 of manufacturing overhead; $42,800 was paid and the remainder is unpaid. Requisitioned materials for Cutting $15,800 and Assembly $9,100. Used factory labor for Cutting $34,000 and Assembly $26,700. Applied overhead at the rate of $19 per machine hour. Machine hours were Cutting 1.690 and Assembly 1.750. Transferred goods costing $69,410 from the Cutting Department to the Assembly Department. Transferred goods costing $135,900 from Assembly to Finished Goods. Sold goods costing $151,300 for $201,700 on account. 6. 7. 8. 9. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6. 6. 7. 8. 9. (To record the cost of goods sold) (To record the sale) Accounts Payable Accounts Receivable Cash Cost of Goods Sold Factory Labor Finished Goods Inventory Manufacturing Overhead Raw Materials Inventory Sales Revenue Wages Payable Work in Process - Assembly Work in Process - Blending Work in Process - Canning Work in Process - Cooking Work in Process - Cutting Work in Process - Finishing Work in Process - Machining Work in Process - Mixing