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LACICIEL I UM Lutz Company produces a product in two departments: (1) Mixing and (2)...

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Accounting

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LACICIEL I UM 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. Sob x 9 9612 (b) Raw materials requisitioned for production were: Direct materials Mixing department of $20.000 A 200 tausten Finishing department 14,000 (c) Incurred labor costs of $74,000. (d) Factory labor used: Mixing department $44,000 Finishing department 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. Instructions: Prepare the journal entries to record the preceding transactions for Lutz Company

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