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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