Lancer, Inc. produces universal remote controls. Lancer uses a JIT costing system. One of the company's products has a standard direct materials cost of S6 per unit and a standard conversion cost of $27 per unit. During January 2018, Lancer produced 625 units and sold 620 units on account at $46 each. It purchased $5,200 of direct materials on account and incurred actual conversion costs totaling $15,500 Read the requirements Requirement 1. Prepare the summary journal entries for January. (Record debits first, then credits. Exclude explanations from journal entries.) Journalize the purchase of raw materials. Date Accounts Debit Credit Jan. 2018 Journalize the actual conversion costs incurred Accounts Debit Credit Jan. 2018