Gould produces electronic calculators. Suppose Gould's standard cost per calculator is $25 for direct materials and $62 for conversion costs. The following data apply to August activities:

Data table

Direct materials purchased (on account)	$6,400
Conversion costs incurred	20,500
Number of calculators produced	250 calculators
Number of calculators sold (on account, at $112 each)	245 calculators

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.

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Part 1

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.