Lipman, Inc. produces universal remote controls. Lipman uses a JIT costing system. One of the company's products has a standard direct materials cost of $6 per unit and a standard conversion cost of $29 per unit. During January 2018, Lipman produced 575 units and sold 570 units on account at $54 each. It purchased $6,700 of direct materials on account and incurred actual conversion costs totaling $16,500. 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. Date Accounts Debit Credit Jan. 2018 Journalize the completed production. Date Accounts Debit Credit Jan. 2018 Journalize the sales on account. (Do not record the costs related to the February sales. We will do this in the following step.) Date Accounts Debit Credit Jan. 2018 Journalize the cost of sales. Date Accounts Debit Credit Jan. 2018 Requirement 2. The January 1, 2018, balance of the Raw and In-Process Inventory account was $90. 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 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