Lutz Company produces a product in two departments: (1) Mioding and (2) Finishing. The company uses a process cost accounting system. (a) Purchased raw materials for $50,000 on account. (b) Raw 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 le) 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 $56,000 were completed in the Mixing Department and were transferred to the Finishing Department (e) Units costing $70,000 were completed in the Finishing Department and were transferred to finished goods. th) Finished goods costing $40,000 were sold on account for $55,000 Prepare the journal entries to record the preceding transactions for Lutz Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit No. Account Titles and Explanation (a) (Purchase of raw materials on account) (b) (To record materials used in production) (c) (To record payroll liability) (To assign factory labor to production) (To assign overhead to processes) (To record transfer of units to the Finishing Department) (To record transfer of units to finished goods) (hi) (To record sale of finished goods on account) (h2) (To record cost of goods sold)