] WileyPLUS - C O edugen.wileyplus.com/ed n.uni Return to Blackboard Principles,

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] WileyPLUS - C O edugen.wileyplus.com/ed n.uni Return to Blackboard Principles, 12e PRINTER VERSION BACH NEXT ASSIGNMENT RESOURCES Ch 21 Exercise 21-4 Schrager Company has two production departments: Cutting and Assembly.uly 1 inventories are Raw Materials $5,100, Work in Process-Cutting $3,600, Work in Process Assembly $11,600, and Finished Goods $32,600 During July, the following transactions occurred L. Purchased $62,700 of raw materials on account. 2. Incurred $61,600 of factory labor. (Credit Wages Payable.) 3. Incurred $71,600 of manufacturing overhead; $42,000 was paid and the remainder is unpaid. 4. Requisitioned materials for Cutting $16,600 and Assembly $9,600 5. Used fectory labor for Cutting $33,400 and Assembly s2B,200. 6. Applied overhead at the rate of $21 per machine hour. Machine hours were Cutting 1,720 and Assembly 1,800. 7. Transferred goods costing $68,290 from the Cutting Department to the Assembly Department. 8. Transferred goods costing $135,000 from Assembly to Finished Goods. Results by Study5. Sold goods costing $152,800 for $202,700 on account Journalize the transactions, (Credit account titles are automatically Indented when amount is entered. Do not Indent manualy. No. Account Titles and Explanation Debit Credit 3. 6,

Explanation / Answer

JOURNAL ENTRIES:

1. Dr. Raw Materials Inventory $62,700

Cr. Accounts Payable $62,700

2. Dr. Factory Labor $61600

Cr. Wages Payable $61600

3. Dr. Manufacturing Overhead $71,600

Cr. Cash $42,000

Cr. Accounts Payable $29,600

4. Dr. Work in Process—Cutting $16,600

Dr. Work in Process—Assembly $9,600

Cr. Raw Materials Inventory $26,200

5. Dr. Work in Process—Cutting $33,400

Dr. Work in Process—Assembly $28,200

Cr. Factory Labor $61,600

6. Dr. Work in Process—Cutting $36,120

Dr. Work in Process—Assembly $37,800

Cr. Manufacturing Overhead $73,920

(1720 * 21; 1800*21)

7. Dr. Work in Process—Assembly $68,290

Cr. Work in Process—Cutting $68,290

8. Dr. Finished Goods Inventory $135,000

Cr. Work in Process—Assembly $135,000

9. Dr. Cost of Goods Sold $152,800

Cr. Finished Goods Inventory $152,800

Dr. Accounts Receivable $202,700

Cr. Sales $202,700

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