Malone Company has adopted a JIT management system and has the following transactions in August:

$($Click the icon to view the transactions.$)$

Record the journal entries for Malone Company for August.

Post appropriate entries to the Conversion Costs T$-$account to determine the amount of underallocated or overallocated overhead. Record the adjusting entry.

Record the journal entries for Malone Company for August. $($Record debits first, then credits. Exclude explanations from journal entries.$)$

Journalize the purchase of raw materials.

Journalize the actual conversion costs incurred.

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Journalize the completed production.

a$.$ Purchased raw materials on account, $$50,000.$

b$.$ Incurred labor and overhead costs, $$70,000.$

c$.$ Completed $500$ units with standard costs of $$95$ for direct materials and $$150$ for conversion costs.

d$.$ Sold on account $475$ units for $$300$ each.