Reference no: EM131807191
Exercise
Schrager Company has two production departments: Cutting and Assembly.
July 1 inventories are Raw Materials $5,200, Work in Process-Cutting $3,900, Work in Process-Assembly $10,800, and Finished Goods $32,600.
During July, the following transactions occurred.
1. Purchased $63,100 of raw materials on account.
2. Incurred $60,200 of factory labor. (Credit Wages Payable.)
3. Incurred $72,000 of manufacturing overhead; $42,900 was paid and the remainder is unpaid
4. Requisitioned materials for Cutting $17,200 and Assembly $9,500.
5. Used factory labor for Cutting $33,200 and Assembly $27,000.
6. Applied overhead at the rate of $20 per machine hour. Machine hours were Cutting 1,720 and Assembly 1,800.
Transferred goods costing $69,120 from the Cutting Department to the Assembly Department
B. Transferred goods costing $137,000 from Assembly to Finished Goods. Sold goods costing $152,600 for $203,000 on account.
Journalize the transactions.
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