Preparing Journal Entries for Process Costing System During its first month of operation, Dutton Company purchased $45,000 of materials on account and requisitioned $32,000 of materials. The company...

During its first month of operation, Dutton Company purchased $45,000 of materials on account and requisitioned $32,000 of materials. The company also applied $50,000 of conversion process during the month. Prepare Dutton’s journal entries to record these events.