Panoramic, Inc. is a manufacturer of digital cameras. It has two departments assembly and testing in January 2017, the company incurred $850,000 on direct materials and $785.000 on conversion costs, for a total manufacturing cost of $1,635,000. During February 5,000 cameras are placed into production, but only 3,000 cameras are fully completed at the end of the month. Al direct materials have been added to the remaining 2000 cameras. However, on average the remaining 2000 cameras are only 25% complete as to conversion costs Click the icon to view the data on the cameras) Read the requirement Prepare summary journal entries for the use of direct materials and incurrence of conversion costs. Record debits first, then credits. Exclude explanations from any journal entries.) Begin by recording the purchase and use of direct materials Journal Entry Accounts Total Costs incurred during the period Equivalent units of work done in current period Direct Materials Conversion Costs 850,000 $ 785,000 5,000 3,500 170.00 $ 224.29 $ 394.29 Cost per equivalent unit Prepare summary journal entries for the use of direct materials and incurrence of conversion costs. Also prepare a journal entry to transfer out the cost of goods completed. Show the postings to the Work in Process account. Duintana