please help me out Luxor Inc produces universal remote contr

please help me out!!!!!

Luxor, Inc. produces universal remote controls. Luxor uses a JIT costing system. One of the company\'s products has a standard direct materials cost of $5 per unit and a standard conversion cost of $27 per unit. During January 2018, Luxor produced 575 units and sold 570 units on account at S48 each.t purchased S4,600 of direct materials on account and incurred actual conversion costs totaling S15,000 Read the requirements. Requirement 1. Prepare the summary jounal entries for January. (Record debits first, then credits. Exclude explanations from journal entries.) Journalize the purchase of raw materials. Date Accounts Debit Credit Jan. 2018 Raw and In-Process Inventory Accounts Payable Journalize the actual conversion costs incurred. Date Accounts Debit Credit Jan. 2018 Conversion Costs Wages Payable, Accumulated Depreciation, etc. Journalize the completed production. Date Accounts Debit Credit Jan. 2018 Finished Goods Inventory Raw and In-Process Inventory Conversion Costs

Solution

Please note it is not mentioned in the question that under applied/ overapplied conversion cost to be close to which account. So I have mentioned both the accounts. Any of the two can be used.

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Date	Accounts	Debit	Credit
Jan-18	Raw and In-Process Inventory	$        4,600
	Accounts Payable		$    4,600