Dubuc produces electronic calculators. Suppose Dubuc's standard cost per calculator is $24 for direct materials and $68 for conversion costs. The following data apply to August activities: 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 $1,300. Use a T-account to find the ending balance of Finished Goods Inventory.

Direct materials purchased (on account)	$6,700
Conversion costs incurred	20,000
Number of calculators produced		275 calculators
Number of calculators sold (on account, at $112 each)		270 calculators