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Sloan produces electronic calculators, Suppose Sloan's standard cost per calculator is $27 for direct materials and $67 for conversion costs. The following data apply to
Sloan produces electronic calculators, Suppose Sloan's standard cost per calculator is $27 for direct materials and $67 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 $1.600. Use a T-account to find the ending balance of Finished Goods Irwentory Requirement 1. Prepare summary Journal entries for August using JIT costing, including the entry to adjust the Conversion Costs account. (Record debits first, then credits. Exclude explanations from journal entries.) Journalize the purchase of raw materials Date Accounts Debit Credit Aug Journalize the actual conversion costs incurred. Debit Credit Date Accounts Aug Choose from any list or enter any number in the input fields and then continue to the next question 1. 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 $1,600. Use a T-account to find the ending balance of Finished Goods Inventory 2. Journalize the completed production Date Accounts Debit Credit Aug Journalizo the sales on account. (Do not record the costs related to the February sales. We will do this in the following step) Accounts Credit Date Debit Aug Journalize the cost of sales. Date Accounts Debit Credit Aug Journalize the entry to close the Conversion costs account Date Accounts Debit Credit Aug Requirement 2. The beginning balance of Finished Goods Inventory was $1,600. 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 appropriate posting 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 i Data Table $ 8,200 20,000 Direct materials purchased (on account) Conversion costs incurred Number of calculators produced Number of calculators sold (on account, at $108 each) Finish 275 calculators sacti B 270 calculators is Print Done
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