A corporation uses a predetermined overhead rate of 150% of direct labor cost. The following information is available for the current year: Prepare journal entries for the following transactions and events: Purchase of raw materials on account. Assign materials costs to Work in Process Inventory and Factory Overhead Pay Factory Payroll in cash Assign Factory Payroll to Work in Process Inventory and Factory Overhead Record all of the other factory overhead costs. Assume that all items other than depreciation are paid in cash. Assign Factory Overhead to Work in Process Inventory Transfer goods completed to Finished Goods Inventory Record cost of goods sold Assign the over- or under-applied amount overhead to Cost of Goods Sold Sold $450,000 of merchandise, with a cost of $225,000 What is the overall purpose of recording these journal entries