Score 0 of 1 pt 4 of 5 4 complete HW Score 20 1 of 5 pts XE1

Score: 0 of 1 pt 4 of 5 (4 complete) HW Score: 20%, 1 of 5 pts XE19-29 (similar to) Question Help Dubuc produces electronic calculators. Suppose Dubuc\'s standard cost per calculator is $20 for direct materials and $68 for conversion costs. The following data apply to August activities: E Click the icon to view the data.) Requirements 1. Prepare summary journal entries for August using JIT costing, including the entry to adjust the Conversion Costs account. 2. The beginning balance of Finished Goods Inventory was $1,400. Use a T-account to find the ending balance of Finished Goods Inventory. debits first, then credits. Exclude explanations from journal entries.) Journalize the purchase of raw materials Date Accounts Debit Credit Aug Raw and In-Process Inventory 8,200 Accounts Payable 8,200 Journalize the actual conversion costs incurred. Date Accounts Debit Credit Aug. Conversion Costs 17,000 Wages Payable, Accumulated Depreciation, etc. 17,000 Journalize the completed production Date Accounts Debit Credit Aug

Solution

1 Raw material inventory 8200            Accounts payable 8200 2 Conversion cost 17000            Wages payable , Accumulated depreciation 17000 3 Finished goods inventory 25200              Raw material inventory 8200               Conversion cost 17000