Schrager Company has two production departments Cutting and Assembly, July 1 inventories are Raw Materials...
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Schrager Company has two production departments Cutting and Assembly, July 1 inventories are Raw Materials $4,400. Work in Process-Cutting $3,500, Work in Process-Assembly $11,500, and Finished Goods $32,200. During July, the following transactions occurred. 1. 2. 3 5. Purchased $64.600 of raw materials on account. Incurred $60.200 of factory labor. (Credit Wages Payable.) Incurred $72,800 of manufacturing overhead: $41,600 was paid and the remainder is unpaid. Requisitioned materials for Cutting $17.200 and Assembly 59,600. Used factory labor for Cutting $33,100 and Assembly $27.100. Applied overhead at the rate of $20 per machine hour. Machine hours were Cutting 1.720 and Assembly 1,750. Transferred goods costing $69.000 from the Cutting Department to the Assembly Department Transferred goods costing $136,600 from Assembly to Finished Goods. Sold goods costing $151.700 for $201.100 on account. 6. 7 8. 9. Debit Credit No. Account Titles and Explanation 1 2. 3. 4 . 7 8. 9. (To record the cost of goods sold) (To record the sale)
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