Prepare the journal entries to record the preceding

Reference no: EM13389747

Lutz Manufacturing 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 $20,000

Finishing department 14,000

(c) Incurred labor costs of $69,000.

(d) Factory labor used:

Mixing department $44,000

Finishing department 25,000

(e) Manufacturing overhead is applied to the product based on machine hours used in each department:

Mixing department-300 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 $60,000 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 Manufacturing Company.

Reference no: EM13389747

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