Snapshot, Inc. is a manufacturer of digital cameras. It has two departments: assembly and testing. In January 2017, the company incurred $700,000 on direct materials and $785,000 on conversion costs, for a total manufacturing cost of $1,485,000. During February 10,000 cameras are placed into production, but only 8,000 cameras are fully completed at the end of the month. All direct materials have been added to the remaining 2,000 cameras. However, on average, these remaining 2,000 cameras are only 50% 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 Begin by recording the purchase and use of direct materials. Reference Journal Entry Date JE 1 Accounts Debit Credit Costs incurred during the period $ Direct Materials 700,000 $ Conversion Costs 785,000 Total 10,000 9,000 Equivalent units of work done in current period Cost per equivalent unit $ 70.00 $ 87.22 $ 157.22 Requirement 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. Print Done Print Done