direct materials cost of $12 per unit and a standard conversion cost of $34 per unit. During January 2018, League produced 600 units and sold 595 Leegue, me t5 eact t chaserd $7.300 of dimet mua ad ineured sct aln 318 500 Read the requirements r January. (Record debits first, then credits. Exclude explanatians fram joumal entries.) Requirement 1, Prepare the summary aumal entries Journaliza the ourchase of raw matcrials Debit Date Accounts Credit Jan. 2018 Journalze the achual conversion.costs incured. Date Accounts Debit Credit Jan. 2018 Jounalize the completed production. Date Accounts Debit Credit Jan. 2018 Joumalize the sales on account (Do not record the costs related to the February sales. We will do this in the following step.) Debit Date Accounts Credit Jan. 2018 Joumalize the cost of sales Date Accounts. Debit Credit Jan. 2018 Requirement 2. The January 1, 2018, balance of the Raw and In-Procees Inventory account was $50. Use a T-account lo find the January 31 balanoe. Cebu denter the ending balance "Bal. of the Taccount the month, and then calculate a Enter the beginning balance the apprapriate pasting references to past the January transactians Raw and In-Process Inventory Requirement 3. Use a T-account to delermine whether conversion costs are overalocated or underallocated for the month. By how much? Prepare the journal entry to adjust t e Conversion Costs acoount ending balance "Bal." of the Tacount. Use the appropriate poeting references to pos! the January transacions for month, and then calculate and enter t Conversion Costs by S Conversion coets are- Prepere the joumel entry to adjust the Conversion Costs account. (Record debits first, then credits. Exclude explanetlons from joumal entries.) Accounts Debit Credit Jan. 2018