E25-6 Circuit Creations produces circuit boards. Circuit Creations uses a JIT costing system. One of the company's products has a standard direct materials cost of 56 per unit and a stan- dard conversion cost of $20 per unit. During 20X5. Circuit Creations produced 500,000 units and sold 480.000. It purchased $3,300,000 of direct materials and incurred actual conversion costs totaling $9,550,000. Required 1. Prepare summary journal entries for 20X5. 2. The January 1. 20X5. balance of the Raw and In Process Inventory account was $80,000. Use a T-account to find the December 31, 20X5 balance. 3. Use a T-account to determine whether conversion cost is over- or underallocated for the year. By how much? Give the journal entry to close the Conversion Cost account.