Lang, Inc. produces universal remote controls. Lang uses a JIT costing system. One of the company's products has a standard direct materials cost of $12 per unit and a standard conversion cost of $29 per unit. During January 2024, Lang produced 550 units and sold 545 units on account at $46 each. It purchased $7,300 of direct materials on account and incurred actual conversion costs totaling $15,500. Read the requirements. Journalize ine sales on account. (Do not recora the costs related to the repruary sales. we will do this in the following step.) Date Accounts Debit Credit Jan. 2024 Accounts Receivable 25,070 Sales Revenue 25,070 Journalize the cost of sales. Date Accounts Debit Credit Jan. 2024 Cost of Goods Sold 22,345 Finished Goods Inventory 22,345 Requirement 2. The January 1, 2024, balance of the Raw and In-Process Inventory account was $40. Use a T-account to find the January 31 balance. Enter the beginning balance "Bal." on the first line of the T-account. Use the appropriate posting references to post the January transactions for the month, and then calculate and enter the ending balance "Bal" of the T-account. Raw and In-Process Inventory Bal Purchase 73001 Transfer to Finished Goods Sale Requirement 3. Use a T-account to determine whether conversion costs are overallocated or underallocated for the month. By how much? Prepare the journal entry to adjust the Conversion Costs account. Use the appropriate posting references to post the January transactions for the month, and then calculate and enter the ending balance "Bal." of the T-account. Conversion Costs Conversion costs are by $ Prepare the journal entry to adjust the Conversion Costs account. (Record debits first, then credits. Exclude explanations from journal entries.) Date Accounts Debit Credit Jan. 2018