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question exercise 17 4 schrager company has two production departments cutting and a 4280030

Question

Exercise 17-4

Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,700, Work in Process—Cutting $3,600, Work in Process—Assembly $10,800, and Finished Goods $32,300. During July, the following transactions occurred.

1.

 

Purchased $64,600 of raw materials on account.

2.

 

Incurred $61,800 of factory labor. (Credit Wages Payable.)

3.

 

Incurred $71,600 of manufacturing overhead; $41,200 was paid and the remainder is unpaid.

4.

 

Requisitioned materials for Cutting $17,300 and Assembly $9,600.

5.

 

Used factory labor for Cutting $34,900 and Assembly $26,900.

6.

 

Applied overhead at the rate of $20 per machine hour. Machine hours were Cutting 1,740 and Assembly 1,760.

7.

 

Transferred goods costing $68,840 from the Cutting Department to the Assembly Department.

8.

 

Transferred goods costing $135,300 from Assembly to Finished Goods.

9.

 

Sold goods costing $151,700 for $202,800 on account.

 

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