Sloan produces electronic calculators. Suppose Sloan's standard cost per calculator is $$21$ for direct materials and $$67$ for conversion costs. The following data apply to August activities:

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

Requirements

Prepare summary journal entries for August using JIT costing, including the entry to adjust the Conversion Costs account.

The beginning balance of Finished Goods Inventory was $$1,200.$ Use a T$-$account to find the ending balance of Finished Goods Inventory.

Journalize the purchase of raw materials.

Data table