E19-29 (similar to) Question Help Brady produces electronic calculators. Suppose Brady's standard cost per calculator is $23 for direct materials and 565 for conversion costs. The following data apply to August activities: E (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 $1,300. Use a T-account to find the ending balance of Finished Goods Inventory. Requirement 1. Prepare summary journal entries for August using JIT costing, including the entry to adjust the Conversion Costs account. (Record debits first, then credits. Exclude explanations from journal entries.) Journalize the purchase of raw materials. Date Accounts Debit Credit Aug. Data Table $ 7,000 21,500 Direct materials purchased (on account) Conversion costs incurred Number of calculators produced Number of calculators sold (on account, at $104 each) 300 calculators 295 calculators Print Done Done