estion 4 of 8 -/15 w Policies rrent Attempt in Progress Lutz Company produces a product in two departments: (1) Mixing and (2) Finishing. The company uses a process cost accounting system. (a) (b) kd) Purchased raw materials for $50,000 on account Raw materials requisitioned for production were: Direct materials Mixing department $20.000 Finishing department 14.000 Incurred labor costs of $74,000. Factory labor used: Mixing department $44,000 Finishing department 30.000 Manufacturing overhead is applied to the product based on machine hours used in each department: Mixing department-400 machine hours at $30 per machine hour. Finishing department 500 machine hours at $20 per machine hour. Units costing 556.000 were completed in the Mixing Department and were transferred to the Finishing Department Units costing $70.000 were completed in the Finishing Department and were transferred to finished goods. Finished goods costing $40.000 were sold on account for $55.000, le KY ) chy Prepare the journal entries to record the preceding transactions for Lutz Company. (Credit account titles are automatically indented When the amount is entened. Do not indent manually Credit Debit (Ch. 14-17) Question 4 of 8