Problem l- (A) - (8 points) Journalize the following entries for Wiley Company (1) Purchased raw materials for $50,000 on account. (2) Raw materials requisitioned for production in a process costing were: Direct materials Mixing department $20,000 Finishing department 14.000 (3) Factory labor used: $50,000, of which $20,000 was indirect: Mixing department $40,000 Finishing department 10,000 (4) Other factory overhead incurred $45,000. (credit accounts payable) (5) Manufacturing overhead is applied to the products 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 (6) Units costing $56,000 were completed in the Mixing Department and were transferred to the Finishing Department. (7) Units costing $70,000 were completed in the Finishing Department and were transterred to finished goods, (8) Finished goods costing $40.000 were sold on account for $55,000