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    Asignacion #3

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    Victoria
    Schrager Company has two production departments: Cutting and Assembly. In July, the company purchased $62,500 of raw materials on account. It incurred $60,000 of factory labor costs and $70,000 of manufacturing overhead expenses. Various inventory accounts changed as items were transferred between the production stages. Finally, $150,000 of finished goods were sold for $200,000 of account receivable revenue.

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    Asignacion #3

    Uploaded by

    Victoria
    25 views1 page
    Schrager Company has two production departments: Cutting and Assembly. In July, the company purchased $62,500 of raw materials on account. It incurred $60,000 of factory labor costs and $70,000 of manufacturing overhead expenses. Various inventory accounts changed as items were transferred between the production stages. Finally, $150,000 of finished goods were sold for $200,000 of account receivable revenue.

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    Schrager Company has two production departments: Cutting and Assembly. In July, the company purchased $62,500 of raw materials on account. It incurred $60,000 of factory labor costs and $70,000 of manufacturing overhead expenses. Various inventory accounts changed as items were transferred between the production stages. Finally, $150,000 of finished goods were sold for $200,000 of account receivable revenue.

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    25 views1 page

    Asignacion #3

    Uploaded by

    Victoria
    Schrager Company has two production departments: Cutting and Assembly. In July, the company purchased $62,500 of raw materials on account. It incurred $60,000 of factory labor costs and $70,000 of manufacturing overhead expenses. Various inventory accounts changed as items were transferred between the production stages. Finally, $150,000 of finished goods were sold for $200,000 of account receivable revenue.

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    of 1

    E21-4

    Schrager Company has two production departments: Cutting and Assmbly. 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.

    July 31. Raw Materials Inventory 62,500


    Account Payable 62,500

    31 Factory Labor 60,000


    Wages Payable 60,000

    31 Manufacturing Overhead 70,000


    Cash 40,000
    Account Payable 30,000

    31 Work in Process-Cutting 15,700


    Work in Process-Assembly 8,900
    Raw Materials Inventory 24,600

    31 Work in Process-Cutting 33,000


    Work in Process-Assembly 27,000
    Factory Labor 60,000

    31 Work in Process-Cutting (1,680 x $18) 30,240


    Work in Process-Assembly (1,720 x $18) 30,960
    Manufacturing Overhead 61,200

    31 Work in Process-Assembly 67,600


    Work in Process-Cutting 67,600

    31 Finished Goods Inventory 134,900


    Work in Process-Assembly 134,900

    31 Cost of Goods Sold 150,000


    Finished Goods Inventory 150,000

    Account Receivable 200,000


    Sales Revenue 200,000

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