Brady produces electronic calculators. Suppose Brady's standard cost per calculator is $21 for direct materials and $64 for conversion costs. The following data apply to August activities: (Click the icon to view the data.) Requirements 1. Prepare summary journal entries for August using JIT costing, including the entry to adjust the Conversion Costs account. 2. The beginning balance of Finished Goods Inventory was $1,500. Use a T-account to find the ending balance of Finished Goods Inventory. Journalize the purchase of raw materials. Data table