omote controls. Lincoln uses a JIT costing system. One of the company's products has a standard direct materials cost of $8 per unit and a standard 018. Lincoln produced 575 units and sold 570 units on account at $47 each. It purchased $5,000 of direct materials on account and incurred actual Requirements tion. Accou 1. Prepare summary journal entries for January 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. 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. Print Done (Do not record the ny number in the input fields and then continue to the next question. Lincoln, Inc. produces universal remote controls, Lincoln 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 $31 par unit. During January 2018, Lincoln produced 575 units and sold 570 units on account at $47each purchased $5,000 of direct materials on account and incurred actual conversion costs totaling $14,000 Read the requirements Journalize the completed production Date Credit Jan. 2018 Journalize the sales on account. (Do not record the costs related to the February sales. We will do this in a foilowing step.)