The Kirkland Department of Delta Company began the month of December with work in process inventory of 4,000 units that are 100% complete as to materials and 30% complete as to conversion costs. Units completed and transferred out are 10,000 units. Ending work in process inventory contains 8,000 units that are 100% complete as to materials and 60% complete as to conversion costs. Materials are added only at the beginning of the process. Conversion costs are incurred uniformly throughout the process. Compute the equivalent units of production for materials and conversion costs for the month of December. Tip Top Painting Company has the following production data for March: Beginning work in process inventory, 2,000 units that are 30% complete for conversion costs Units completed and transferred out, 44,000 Units in ending work in process inventory, 9,000 that are 80% complete for conversion costs Materials are added only at the beginning of the process. Conversion costs are incurred uniformly throughout the process. Compute equivalent units of production for both materials and conversion costs using the FIFO method. 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 Finishing department (c) Incurred labor costs of $74,000. (d) Factory labor used: Mixing department Finishing department $20,000 14,000 $44,000 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.