Allison Company manufactures cell phones and uses JIT costing. The standard (or expected) unit cost is $30.00 and is comprised of $20 direct materials and $10 conversion costs. Direct materials purchased on account during June totaled $2,500,000. Actual conversion costs totaled $1,100,000. Allison Company completed 100,000 cell phones in June and sold 98,000 1 Journalize these transactions 2 Were conversion cost under-or-over allocated? Hint: You may want to prepare a t-account for the Conversion costs account. Explain your answer and then make the entry to close Conversion costs account. 3 What is the ending balance of the Raw and in-process inventory account? How much Cost of goods sold did Maginniss & Nguyen have in June