Schrager Company has two production departments: Cutting and Assembly. During July, the following transactions occurred. 1. Purchased $63,700 of...

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Accounting

Schrager Company has two production departments: Cutting andAssembly. During July, the following transactionsoccurred.
1. Purchased $63,700 of raw materials.
2. Incurred $60,200 of factory labor.
3. Incurred $71,100 of manufacturing overhead.
4. Requisitioned materials for Cutting $15,900 and Assembly$9,600.
5. Used factory labor for Cutting $33,800 and Assembly$26,400.
6. Applied overhead at the rate of $20 per machine hour. Machinehours were Cutting 1,700 and Assembly 1,750.
7. Transferred goods costing $69,080 from the Cutting Departmentto the Assembly Department.
8. Transferred goods costing $135,500 from Assembly to FinishedGoods.
9. Sold goods costing $121,500.

Record the transactions using the following format. Not to useJournalize the transactions.

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Journal Entry No Account Titles and Explanation Debit Credit 1 Raw Materials Inventory 63700 Accounts Payable 63700 To record purchase of raw material on account 2 Factory labour 60200 Wages Payable 60200 To record See Answer

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Schrager Company has two production departments: Cutting and Assembly. During July, the following transactions occurred. 1. Purchased $63,700 of...

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Accounting

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1.		Purchased $63,700 of raw materials.
2.		Incurred $60,200 of factory labor.
3.		Incurred $71,100 of manufacturing overhead.
4.		Requisitioned materials for Cutting $15,900 and Assembly$9,600.
5.		Used factory labor for Cutting $33,800 and Assembly$26,400.
6.		Applied overhead at the rate of $20 per machine hour. Machinehours were Cutting 1,700 and Assembly 1,750.
7.		Transferred goods costing $69,080 from the Cutting Departmentto the Assembly Department.
8.		Transferred goods costing $135,500 from Assembly to FinishedGoods.
9.		Sold goods costing $121,500.