Question & Answer: Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,330, Work in Process-Cutting $3,690, wo…..

Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,330, Work in Process-Cutting $3,690, work in Process-Assembly $11,240, and Finished Goods $32,940. During July, the following transactions occurred. 囹 1. Purchased $63,650 of raw materials on account. 2. Incurred $61,340 of factory labor. (Credit Wages Payable.) 3. Incurred $71,440 of manufacturing overhead: $42,810 was paid and the remainder is unpaid. 4. Requisitioned materials for Cutting $16,800 and Assembly $9,780 5. Used factory labor for Cutting $33,680 and Assembly $27,660 6. Applied overhead at the rate of $20 per machine hour. Machine hours were Cutting 1,720 and Assembly 1,790. 7. Transferred goods costing $69,420 from the Cutting Department to the Assembly Department. 8. Transferred goods costing $135,310 from Assembly to Finished Goods 9. Sold goods costing $152.670 for $202.310 on account. (Ctrl)

Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,330, Work in Process-Cutting $3,690, work in Process-Assembly $11,240, and Finished Goods $32,940. During July, the following transactions occurred. 囹 1. Purchased $63,650 of raw materials on account. 2. Incurred $61,340 of factory labor. (Credit Wages Payable.) 3. Incurred $71,440 of manufacturing overhead: $42,810 was paid and the remainder is unpaid. 4. Requisitioned materials for Cutting $16,800 and Assembly $9,780 5. Used factory labor for Cutting $33,680 and Assembly $27,660 6. Applied overhead at the rate of $20 per machine hour. Machine hours were Cutting 1,720 and Assembly 1,790. 7. Transferred goods costing $69,420 from the Cutting Department to the Assembly Department. 8. Transferred goods costing $135,310 from Assembly to Finished Goods 9. Sold goods costing $152.670 for $202.310 on account. (Ctrl)

Expert Answer

 

Sr.no Particulars Debit Credit
1 Raw Material Inventory $63650
                Accounts Payable $63650
(Purchase of Raw Materials on Account)
2 Factory Labour $61340
            Wages Payable $61340
(Record wages payable)
3 Manufacturing Overhead $71440
               Accounts Payable $28630
               Cash $42810
( to record Manufacturing Overhead)
4 Work in Progress-Cutting $16800
Work in Progress-Assembly $9780
            Raw Materials Inventory $26580
( To record Material requisition by departments)
5 Work in Progress-Cutting $33680
Work in Progress-Assembly $27660
                      Factory Labour $61340
(To record Factory Labour)
6 Work in Progress-Cutting $34400
Work in Progress-Assembly $35800
                          Manufacturing Overhead $70200
TO apply Over head @ $20 per machine hours)
7 Work in Progress-Assembly $69420
                Work in Progress- Cutting $69420
(Transfer goods from cutting dept. to Assembly Dept.
8 Finished Goods Inventory $135310
                    Work in Progress- Assembly $135310
( To record transfer of goods from assembly dept to Finished Goods)
9 Accounts Receivable $202310
           Sales $202310
( To records Sales of Finished goods)
Cost of goods Sold $152670
               Finished goods Inventory $152670
(To record Cost of goods Sold)

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