Lutz Company Produces a Product in Two Departments: (1) Mixing $\begin{array}{llr} \text { Direct materials} &\\ \text {Mixing department } &\$20,000\\ \text {Finishing department } &14,000\end{array}$

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 $50000 on account. (b) Raw materials requisitioned for production were:
$\begin{array}{llr} \text { Direct materials} &\\ \text {Mixing department } &\$20,000\\ \text {Finishing department } &14,000\end{array}$


(c) Incurred labor costs of $\$ 74,000$ .

(d) Factory labor used:
$\begin{array}{lr}\text { Mixing department } & \$ 44,000 \\\text { Finishing department } & 30,000\end{array}$ (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 $56000 were completed in the Mixing Department and were transferred to the Finishing Department.
(g) Units costing $70000 were completed in the Finishing Department and were transferred to finished goods.
(h) Finished goods costing $40000 were sold on account for $55000.
Instructions
Prepare the journal entries to record the preceding transactions for Lutz Company.