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 (c) Incurred labor costs of $74,000. (d) Factory labor used: Mixing department $20,000 14,000 $44,000 Finishing department 30,000 (e) Manufacturing overhead is applied to the product based on machine hours used in each department: (f) 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. Units costing $70,000 were completed in the Finishing Department and were transferred to finished goods. (g) (h) Finished goods costing $40,000 were sold on account for $55,000.