The Spark Corporation manufactures olectrical meters. For August, there were no beginning inventories of direct materials and no beginning or ending work in process. Spark 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 couts). (Record debits first, then credits Exclude explanations from any oumal entries) Begin with the purchase of direct materials Journal Entry JE 1 Data table Now prepare the en Spark's August standard cost per meter is direct materials, $24, an conversion cost $18. Spark has no direct materials variances. The following data apply to August manufacturing Direct materials purchased $540,000 Number of finished units manufactured Conversion costs incurred $425,000 Number of finished units sold 17.000 19.000 JE 2 Print Done Next prepare the entry for the completion of finished goods. Journal Entry Accounts Debit Credit JE 3 Next ** PIN UUPUIGUI arutactures electrical meters. For August, there were no beginning inventories of direct materials and no beginning or ending work in Requirement 1. Prepare summary journal entries for August (without disposing of under-or overallocated conversion costs). (Record debits first, then credits Exclude explanations from any journal entries) Begin with the purchase of direct materials. Journal Entry Accounts Debit Credit JE Credit Accounts Payable Control Now prepare Conversion Costs Allocated Conversion Costs Control Cost of Goods Sold Finished Goods Control Materials and In-Process Inventory Control Next prepare Various Accounts (such as Wages Payable Control) JE 2 JULY Accounts Debit Credit JE 3 Finally prepare the entry for the sale of the finished goods, Next The Spark Corporation manufactures electrical meters. For August, there were no beginning inventories of direct materials and no beginning or ending work in Finally prepare the entry for the sale of the finished goods. Journal Entry Accounts Debit Credit JE 4 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 Cost of Goods Sold JE 1 JE 2 Bal Bal JE 3 JE 4 Next