Lutz Company produces a product in two departments: $(1)$ Mixing and $(2)$ Finishing. The company uses a

process cost accounting system. Lutz had the following transactions during the current month:

$($a$)$ Purchased materials for $$50,000$ on account.

$($b$)$ Direct materials requisitioned for production were:

Direct materials

Mixing Department $$20,000$

Finishing Department $$14,000$

$($c$)$ Incurred labor costs of $$74,000.$

$($d$)$ Factory labor used:

Mixing Department $$44,000$

Finishing Department $$30,000$

$($e$)$ 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.

$($f$)$ Units costing $$56,000$ were completed in the Mixing Department and were transferred to the Finishing

Department.

$($g$)$ Units costing $$70,000$ were completed in the Finishing Department and were transferred to finished

goods.

$($h$)$ Finished goods costing $$40,000$ were sold on account for $$55,000.$

Prepare the journal entries to record the preceding transactions for Lutz Company.