Baez Manufacturing Company produces a product in two departments: Mixing and Finishing. The company uses a process cost accounting system. For each transaction, specify the account that should be recorded on the credit side of the entry:

Purchased raw materials for $50,000 on account. *

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Incurred labor costs of $80,000. *

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Units costing $66,000 were completed in the Mixing Department and were transferred to the Finishing Department. *

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Units costing $60,000 were completed in the Finishing Department. *

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Finished goods costing $30,000 were sold. *