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Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,200, Work in Process-Cutting $2,900, Work in Process-Assembly $10,600, and Finished Goods $31,000. During July, the following transactions occurred.

1.		Purchased $62,500 of raw materials on account.
2.		Incurred $60,000 of factory labor. (Credit Factory Wages Payable.)
3.		Incurred $70,000 of manufacturing overhead; $40,000 was paid and the remainder is unpaid.
4.		Requisitioned materials for Cutting $15,700 and Assembly $8,900.
5.		Used factory labor for Cutting $33,000 and Assembly $27,000.
6.		Applied overhead at the rate of $18 per machine hour. Machine hours were Cutting 1,680 and Assembly 1,720.
7.		Transferred goods costing $67,600 from the Cutting Department to the Assembly Department.
8.		Transferred goods costing $134,900 from Assembly to Finished Goods.
9.		Sold goods costing $150,000 for $200,000 on account.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9799154

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