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O em 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 $9 per unit and a standard conversion cost of $26 per unit. During January 2018, Littlefield produced 600 units and sold 595 units on account at 548 each it purchased 56,700 of direct materials on account and incurred actual conversion costs totaling $15,000 Read the requirements Requirements 1. Prepare summary journal entries for January 2. The January 1, 2018, balance of the Raw and In-Process Inventory account was $40. 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. Print Done 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 2018 Journalize the actual conversion costs incurred Date Accounts Debit Credit Jan. 2018 Journalize the completed production Journalize the completed production Date Accounts Debit Credit Jan 2018 Journalize the sales on account. (Do not record the costs related to the February sales. We will do this in the following step.) Date Accounts Debit Credit Jan. 2018 Journalize the cost of sales Date Accounts Debit Credit Jan. 2018 Requirement 2. The January 1, 2018, balance of the Raw and In Process Inventory account was $40. Use a T-account to find the January 31 balance Enter the beginning balance "Bal" on the first line of the T-account. Use the appropriate posting references to post the January transactions for the month, and then calculate and enter the ending balance "Bal" of the T-account Raw and In-Process Inventory Requirement 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 Use the appropriate posting references to post the January transactions for the month, and then calculate and enter the ending balance "Bal" of the T-account Conversion Costs Conversion costs are Prepare the journal entry to adjust the Conversion Costs account. (Record debits first, then credits. Exclude explanations from journal entries Date Accounts Debit Credit Jan 2018