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Purple Inc. has the following information December of this year... Raw material purchases: $30000 Raw...

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Accounting

Purple Inc. has the following information December of this year...

Raw material purchases: $30000

Raw materials used: $27000

Direct labor: $20000

Actual manufacturing overhead: $28000

Work in process beginning: $30000

Work in process ending: $29500

According to Purple Inc. the overhead rate is 150% of direct labor costs. Purple Inc. uses a job costing system.

Required: Prepare the journal entry to record the cost of goods completed and transferred to Finished Goods Inventory.

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