E25-7 E-Voice produces cellular phones. Suppose that E-Voice's standard cost per phone is $22 for materials and $30 for conversion costs. The following data apply to July production: Materials purchased $5,300,000 Conversion costs incurred. $6.120,000 Number of phones completed.. 200,000 phones Number of phones sold. 196.000 phones E-Voice uses JIT costing. Required 1. Prepare summary journal entries for July, including the entry to close the Conversion Costs account. 2. The beginning balance of Finished Goods Inventory was $100.000. Use a T-account to find the ending balance of Finished Goods Inventory.