Journal Entries for a Manufacturer On December 1 Carmel Valley Production Inc. had a work in process inventory of 1,200 units that were compete as o mater als an 50% compete as o labor and overhead. December costs o o : Materials. $6,000 Labor ....2,000 2,000 During December the following transactions occurred: a. Purchased materials costing $50,000 on account. b. Placed direct materials costing $49,000 into production c.Incurred production wages totaling $50,500. d. Incurred overhead costs for December: $20,000 Utilities 28,000 (Cash payment) Supplies e. Applied overhead to work in process at a predetermined rate of 125% of direct labor cost. f. Completed and transferred 10,000 units to finished goods. (Hint: You should first compute equivalent units and unit costs. The unit cost should include applied, not actual, factory overhead.) Carmel Valley uses he weighted average cost method. The ending inventory of work in process consisted of 1 000 units that were completed a to materia an 25% compete as t labor and overhead Required: Prepare the journal entries to record the following December transactions 2,000 (use Supplies Inventory)