Lutz Company produces a product in two departments: (1) Mixing and (2) Finishing. The company uses a process cost acco system. (a) Punchased raw materials for $50,000 on account. (b) Raw materials requisitioned for production were: Direct materials Mixing department Finishing department $20,00014,000 (c) Incurred labor costs of $74,000. (d) Factory labor used: Mixing department Finishing department $44,00030,000 (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 Depart (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. (Credit account tities are automatical. the amount is entered. Do not indent manually.)