1. Prepare summary journal entries for January. 2. The January 1, 2024, balance of the Raw and In-Process Inventory account was $110. Use a T-account to find the January 31 balance. 3. Use a T-account to determine whether conversion costs are overallocated or underallocated for the month. By how much? Prepare the journal entry to adjust the Conversion Costs account.Littlefield, Inc. produces universal remote controls. Littlefield uses a JIT costing system. One of the company's products has a standard direct materials cost of $12 per unit and a standard conversion cost of $26 per unit. During January 2024, Littlefield produced 600 units and sold 595 units on account at $56 each. It purchased $7,300 of direct materials on account and incurred actual conversion costs totaling $14,000. Read the requirements. Requirement 1. Prepare the summary journal entries for January. (Record debits first, then credits. Exclude explanations from journal entries.) Journalize the purchase of raw materials. Date Accounts Debit Credit Jan. 2024