Littlefield, Inc. produces universal remote controls. Littlefield uses a JIT costing system. One of the company's products has a standard direct materials cost of $8 per unit and a standard conversion cost of $28 per unit. During January 2018, Littlefield produced 625 units and sold 620 units on account at $49 each. It purchased $7,300 of direct materials on account and incurred actual conversion costs totaling $17,000 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. Debit Credit Accounts Date Raw and In-Process Inventory Jan. 2018 Accounts Payable Jounalize the actual conversion costs incurred. Debit Credit Accounts Date u Conversion Costs Jan. 2018 Wages Payable, Accumulated Depreciation, etc. cl ab Littlefield, Inc. produces universal remote controls. Littlefield uses a JIT costing system. One of the company's products has a standard direct materials cost of $8 par unit and a standard conversion cost of $28 per unit. During January 2018, Littlefield produced 625 units and sold 620 units on account at $49 each. It purchased $7,300 of direct materials on account and incurred actual conversion costs totaling $17,000 Read the requirements Jounalize the completed production. Date Accounts Debit Credit Finished Goods Inventory Jan. 2018 Raw and In-Process Inventory Conversion Costs Jounalize 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 cf cf Jounalize the cost of sales Littlefield, Inc. produces universal remote controls. Littlefield uses a JIT costing system. One of the company's products has a standard direct materials cost of $8 per unit and a standard conversion cost of $28 per unit. During January 2018, Littlefield produced 625 units and sold 620 units on account at $49 each. It purchased $7,300 of direct materials on account and incurred actual conversion costs totaling $17,000. Read the requirements 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 $110. Use a T-account to find the January 31 balance. Enter the beainning 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 Littlefield, Inc. produces universal remote controls. Littlefield uses a JIT costing system. One of the company's products has a standard direct materials cost of $8 per unit and a standard conversion cost of $28 per unit. During January 2018, Littlefield produced 625 units and sold 620 units on account at $49 each. It purchased $7,300 of direct materials on account and incurred actual conversion costs totaling $17,000. Read the requirements Requirement 2. The January 1, 2018, balance of the Raw and In-Process Inventory account was $110. 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 Reguirement 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 ct act ab Littlefield, Inc. produces universal remote controls. Littlefield uses a JIT costing system. One of the company's products has a standard direct materials cost of $8 per unit and a standard conversion cost of $28 per unit. During January 2018, Littlefield produced 625 units and sold 620 units on account at $49 each. It purchased $7,300 of direct materials on account and incurred actual conversion costs totaling $17,000. Read the requikements Requirement 2. The January 1, 2018, balance of the Raw and In-Process Inventory account was $110. 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 Sale determine whether conversion costs are overallocated or underallocated for the month. By how much? Prepare the journal entry to Transfer to Conversion Costs it. Transfer to Finished Goods Use e upprupriase posurg reerences to post the January transactions for the month, and then calculate and enter the ending balance "Bal" of the T-account. L Conversion Costs b Littlefield, Inc. produces universal remote controls. Littlefield uses a JIT costing system. One of the company's products has a standard direct materials cost of $8 per unit and a standard conversion cost of $28 per unit. During January 2018, Littlefield produced 625 units and sold 620 units on account at $49 each. It purchased $7,300 of direct materials on account and incurred actual conversion costs totaling $17,000. Read the recuirements Requirement 3. Use a T-account to determine whether conversion costs are overallocated or underallocated for the month. By how much? Prepare the jounal 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 S 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 Littlefield, Inc. produces universal remote controls. Littlefield uses a JIT costing system. One of the company's products has a standard direct materials cost of $8 per unit and a standard conversion cost of $28 per unit. During January 2018, Littlefield produced 625 units and sold 620 units on account at $49 each. It purchased $7,300 of direct materials on account and incurred actual conversion costs totaling $17,000. Read the requkements. Requirement 3. Use a T-account to determine whether conversion costs are overallocated or underallocated for the month. By how much? Prepare the jounal entry to adjust the Comversion 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 Incurred Conversion Costs Purchase by S Sale Transfer to Finished Goods the Conversion Costs account. (Record debits first, then credits. Exclude explanations from journal entries.) Debit Credit Date Accounts Jan. 2018 Littlefield, Inc. produces universal remote controls. Littlefield uses a JIT costing system, One of the company's products has a standard direct materials cost of $8 per unit and a standard conversion cost of $28 per unit. During January 2018, Littlefield produced 625 units and sold 620 units on account at $49 each. It purchased $7,300 of direct materials on account and incurred actual conversion costs totaling $17,000. Read the reguirements 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 entr rsion Costs account. (Record debits first, then credits. Exclude explanations from jounal entries.) overallocated Date Accounts underallocated Debit Credit Jan. 2018 ct b Littlefield, Inc. produces universal remote controls. Littlefield uses a JIT costing system. One of the company's products has a standard direct materials cost of $8 per unit and a standard conversion cost of $28 per unit. During January 2018, Littlefield produced 625 units and sold 620 units on account at $49 each. It purchased $7.300 of direct materials on account and incurred actual conversion costs totaling $17,000. Read the requirements 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. Accounts Payable Accounts Receivable Conversion Costs Cost of Goods Sold Conversion co Finished Goods Inventory Raw and In-Process inventory Prepare the jou then credits. Exclde explanations from joumal entries.) Sales Revenue Date Wages Payable, Accumulated Depreciation, etc. Debit Credit Jan. 2018