Lutz Company produces a product in two departments: (1) Mixing 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 Finishing department $20,000 14,000 c) Incurred labor costs of $69,000. (d) Factory labor used: Mixing department $44,000 Finishing department le) Manufacturing overhead is applied to the product based on machine hours used in each department Mixing department-300 machine hours at $30 per machine hour. Finishing department-s00 machine hours at $20 per machine hour n) Units costing $56,000 were completed in the Mixing Department and were transferred to the Finishing Department (g) Units costing $60,000 were completed in the Finishing Department and were transferred to finished 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. Unread Search entries or author 5 6 7 8 9