Veritek produces electronic calculators. Suppose Veritek's standard cost per calculator is $$23$ for direct materials and $$65$ for conversion costs. The following data apply to August activities:

View the data.

Requirements

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 $$1,000.$ Use a T$-$account to find the ending balance of Finished Goods Inventory.