K Diaz produces electronic calculators. Suppose Diaz's standard cost per calculator is $24 for direct materials and $65 for conversion costs. The following data apply to August activities: (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 $1,600. 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 Aug Accounts Debit Credit Data table y to nt to Direct materials purchased (on account) $ 7,800 Conversion costs incurred 22,000 Number of calculators produced 300 calculators Number of calculators sold (on account, at $120 each) 295 calculators dingt om jo