The Anderson Corporation manufactures electrical meters. For August, there were no beginning inventories of direct materials and no beginning or ending work in process. Anderson uses a JIT production system and backflush costing with three trigger points for making entries in the accounting system. (Click the icon to view the August data.) Read the requirements Requirement 1. Prepare summary journal entries for August (without disposing of under-or overallocated conversion costs). Anderson has no direct materials variances. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin with the purchase of direct materials. Credit Journal Entry Accounts Materials and In-Process Inventory Control Accounts Payable Control Debit 535,000 JE 1 535,000 Now prepare the entry for the conversion costs incurred. Journal Entry Accounts Debit Credit JE 2 420,000 Conversion Costs Control Various Accounts (such as Wages Payable Control) 420,000 Next prepare the entry for the completion of finished goods. Next prepare the entry for the completion of finished goods. Journal Entry Credit Accounts Finished Goods Control Debit 720.000 JE 3 414.000 Materials and In-Process Inventory Control Conversion Costs Allocated 306,000 Finally prepare the entry for the sale of the finished goods. Journal Entry Accounts Debit Credit JE 4 Cost of Goods Sold 640,000 Finished Goods Control 640,000 Requirement 2. Post the entries in requirement 1 to the following T-accounts. Materials and In-Process Inventory Control Finished Goods Control 71 Requirement 2. Post the entries in requirement 1 to the following T-accounts. Materials and In-Process Inventory Control Finished Goods Control Bal. Bal. Bal. Bal. Conversion Costs Control Conversion Costs Allocated Bal Bal. Bal. Bal. Cost of Goods Sold Bal. Bal Data Table Anderson's August standard cost per meter is direct materials, $23, and conversion cost, $17. Anderson has no direct materials variances. The following data apply to August manufacturing: Direct materials purchased $ 535,000 Number of finished units manufactured 18,000 Conversion costs incurred $ 420,000 Number of finished units sold 16,000 Print Done . i Requirements 1. Prepare summary journal entries for August (without disposing of under-or overallocated conversion costs). Anderson has no direct materials variances. 2. Post the entries in requirement 1 to T-accounts for Materials and In-Process Inventory Control, Finished Goods Control, Conversion Costs Control, Conversion Costs Allocated, and Cost of Goods Sold. Print Done