Exercise 21-4_Schrager Company_Journal entries
accountguruExercise 21-4 |
Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,200, Work in Process—Cutting $3,000, Work in Process—Assembly $11,000, and Finished Goods $30,500. During July, the following transactions occurred.
1. | Purchased $62,400 of raw materials on account. | |
2. | Incurred $60,400 of factory labor. (Credit Factory Wages Payable.) | |
3. | Incurred $70,000 of manufacturing overhead; $40,500 was paid and the remainder is unpaid. | |
4. | Requisitioned materials for Cutting $15,500 and Assembly $8,500. | |
5. | Used factory labor for Cutting $26,600 and Assembly $33,800. | |
6. | Applied overhead at the rate of $20 per machine hour. Machine hours were Cutting 1,200 and Assembly 2,100. | |
7. | Transferred goods costing $67,200 from the Cutting Department to the Assembly Department. | |
8. | Transferred goods costing $134,600 from Assembly to Finished Goods. | |
9. | Sold goods costing $149,500 for $200,300 on account. |
11 years ago
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