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 $1,100. Use a T-account to find the ending balance of Finished Goods Inventory. Direct materials purchased (on account) $ 8,000 Conversion costs incurred 21,000 Number of calculators produced 225 calculators Number of calculators sold (on account, at $105 each) 220 calculators