Golner produces electronic calculators. Suppose Golner s standard cost per calculator is $20 for direct materials and $61 for conversion costs. The following data apply to August activities:

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 $1,300. Use a T-account to find the ending balance of Finished Goods Inventory.

Transcribed Image Text:

S 6,900 17,000 Direct materials purchased (on account) Conversion costs incurred Number of calculators produced Number of calculators sold (on account, at $115 each) 275 calculators 270 calculators