Click, Inc. is a manufacturer of digital cameras. It has two departments: assembly and testing. In January 2017, the company incurred $725,000 on direct materials and $790,000 on conversion costs, for a total manufacturing cost of $1,515,000 During February 5,000 cameras are placed into production, but only 4,000 cameras are fully completed at the end of the month. All direct materials have been added to the remaining 1,000 cameras. However, on average, these remaining 1,000 cameras are only 75% complete as to conversion costs. Cick the icon to view the data on the cameras.) Read the requirement. Prepare summary journal entries for the use of direct materials and incurrence of conversion costs. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by recording the purchase and use of direct materials. Requirement Journal Entry Date Accounts Debit Credit JE 1 Prepare summary journal entries for the use of direct materials and incurrence of conversion costs. Also prepare a journal entry to transfer out the cost of goods completed. Show the postings to the Work in Process account. Print Done Record the conversion costs. Journal Entry Date Debit Credit i Reference Total Direct Materials Conversion Costs Costs incurred during the period 790,000 725,000 S 5,000 145.00 S 4,750 Prepare a journal entry to transfer out the cost of goods completed. Equivalent units of work done in current period 166.32 S 311.32 Journal Entry Cost per equivalent unit Prepare a journal entry to transfer out the cost of goods completed. Journal Entry Credit Date Accounts Debit Show the postings to the Work in Process account. Work in Process-Assembly Department Bal Bal. Bal. Click, Inc. is a manufacturer of digital cameras. It has two departments: assembly and testing. In January 2017, the company incurred $725,000 on direct materials and $790,000 on conversion costs, for a total manufacturing cost of $1,515,000 During February 5,000 cameras are placed into production, but only 4,000 cameras are fully completed at the end of the month. All direct materials have been added to the remaining 1,000 cameras. However, on average, these remaining 1,000 cameras are only 75% complete as to conversion costs. Cick the icon to view the data on the cameras.) Read the requirement. Prepare summary journal entries for the use of direct materials and incurrence of conversion costs. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by recording the purchase and use of direct materials. Requirement Journal Entry Date Accounts Debit Credit JE 1 Prepare summary journal entries for the use of direct materials and incurrence of conversion costs. Also prepare a journal entry to transfer out the cost of goods completed. Show the postings to the Work in Process account. Print Done Record the conversion costs. Journal Entry Date Debit Credit i Reference Total Direct Materials Conversion Costs Costs incurred during the period 790,000 725,000 S 5,000 145.00 S 4,750 Prepare a journal entry to transfer out the cost of goods completed. Equivalent units of work done in current period 166.32 S 311.32 Journal Entry Cost per equivalent unit Prepare a journal entry to transfer out the cost of goods completed. Journal Entry Credit Date Accounts Debit Show the postings to the Work in Process account. Work in Process-Assembly Department Bal Bal. Bal