Print 4. Smith produces electronic calculators. Suppose Smith's standard cost per calculator is $21 for direct materials and 588 for conversion costs. The following data apply to August activities: (Click the icon to view the data) Requirements 1. Prepare summary journal entries for August using JIT costing including the entry to adjust the Conversion Costs account 2. The beginning balance of Finished Goods Inventory was $1,500. Use a T-account to find the ending balance of Finished Goods Inventory Requirement 1. Prepare suirimany journal entries for August using JIT costing, including the entry to adjust the Conversion Cosis account (Record debils first, then credils. Exclude explanations from journal entries.) Journalize the purchase of raw materials. Date Accounts Debit Credit Aug (2) (3) (4) Journalize the actual conversion costs incurred. Date Accounts Debit Credit Aug (5) (6) (7) (8) Journalize the completed production. Date Accounts Debit Credit Aug 119) (10) (11) (12) Journalize the sales on account. (Do not record the costs related to the February sales. We will do this in the following step.) Activate Windows Go to Settings to activate Windows. Date Accounts Debit Credit Aug. (13) a. Journalize the completed production Print Date Accounts Debit Credit Aug. (9) (10) (11) 12 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 Aug (13) (14) (15) (16) Joumalize the cost of sales Date Accounts Debit Credit Aug (17) (18) (19) (20) Journalize the entry to close the Conversion costs account. Date Accounts Debit Credit Aug (21) (22) (23) (24) Activate Windows Requirement 2. The beginning balance of Finished Goods Inventory was $1,500. Use a T-account to find the ending balance of Finished Goods Inventory. Go to Settings to activate Windows. Enter the beginning balance 'Bal." on the first line of the account. Use the appropriate posting references to post the August transactions for the month, and then calculate and enter the ending balance "Bal" of the account Finished Goods Inventory Joumalize the entry to close the Conversion costs account Print Date Accounts Debit Credit Aug (21) (22) (23) (24) Requirement 2. The beginning balance of Finished Goods Inventory was $1,500 Use a T-account to find the ending balance of Finished Goods Inventory Enter the beginning balance 'Bal." on the first line of the T-account. Use the appropriale posling references to post the August transactions for the month, and then calculate and enter the ending balance "Bal" of the T-account. Finished Goods Inventory (25) (27) (26) 128) 11130) (29) (31) 1132) 1: Data Table Direct materials purchased (on account) Conversion costs incurred Number of calculators produced Number of calculators sold on account, at $110 each) S. 3,300 22.000 275 calculators 270 calculators Wages Payable, Accumulated Depreciation, etc. (1) O Accounts Payable Accounts Receivable O Conversion Costs O Cost of Goods Sold Finished Goods Inventory Raw and In-Process Inventory O Sales Revenue (2) O Wages Payable, Accumulated Depreciation, etc. Cost of Goods Sold Accounts Payable O Finished Goods Inventory Accounts Receivable O Raw and In-Process Inventory Conversion Costs Sales Revenue Activate Windows Go to Settings to activate Windows (3) O Cost of Goods Sold O Wages Payable, Accumulated Depreciation, etc
