Swain Company has adopted a JIT management system and has the following transactions in August 0 (Click the lcon to view the transactions.) 10 Record the journal entries for Swain Compary for August 11. Post appropriate entries to the Conversion Costs T-account to detarmine he amount of underallocated or overallocated overhead Record the adjusting entry 10. Recrd the ysurnal entries for Swain Company for August ournalize the purchase of raw materials (Record debits frst, then credits.Exclude exploanations from journal entries.) Date Debit Credit More Info Raw and In Process Inventory Aocounts Payatie 30000 Purchased raw materials on account, $30,000 b Incurred labor and overhead costs,$75,000 Completed 1,200 units with standard costs of $85 for direct materials and $170 for conversion oosts Joumalize the actual conversion costs incurred Date Accounts Debit Credit d Sold on account 450 units for $350 each Conversion Ct 5000 Wages Payabe,Accuuted Depreciaton, eto Print Done Date Accounts Debit Credit hed Goods Iventory Choose from any lst or enter any number in the input folds and then continue to the next question. Swain Company has adoptes a JIT management systom and has the folowing ranaactions in August (Click the icon to view the transactions) 10 Record the journal entries for Swain Company for August 11. Post appropriate entries to the Conversion Costs T-apcount to determine the amount of underalocated or overalacated overhead. Record the adjusting entry Raw and In-Process leventory Coneersion Costs Mare Info Journalize the sales on account.(Do not rocond the costs related to the month's sales. We will do this in the following shep.,) Date Debit Cred Accounts Receivable Bales Revenue Purchased raw materia's on account,$30.000 Inourred labor and overhead costs $75,000 c Completed 1,200 unts with standard oosts of $85 for airect materials and $170 for conversion costs d Scid on account 450 unts for 5350 each Joumalize the cost of sales for the month Date Debit Creait Print Done oat of Goods Soid 11. Post appropniate entries to the Conversion Coss Taccount to deamine Renin bw tha amount of underalocated or averalocated overhead Record the adjuating antry Choose from any list or entor any number in the irput fioids and then continue to the nast queetion 11. Post appropriate entres to the Conversion Costs T-account to determine the amount of underallocated or overalilocated overhead Reoord the adjusting entry Begin by sosting the appropriate entries to the Conversion Costs T-account. Use the appropriate posting references to post the August transactions, and then calculate and enter the ending balance "Bal"of the T-accou Conversion Cost More Info Bal Recond the adusting entry (Record debits first then credis Exclude explenations from jourmal entries.) a Purchased raw materials on account $30,000 b. Incurred labor and overhead costs, $75,000 Date Debit Credit Ad Conversion Costs Completed 1,200 units with standard costs of $85 for direct Cot of Cloods Sold matenals and $170 for conversion costs Solf on account 450 units or $350 each d Print Done Choose rom any lot or nter any rumber in the inul foids and then contisue to the next queston
