Dubuc produces electronic calculators. Suppose Dubucs standard cost per calculator is $ 27 for direct materials and

Dubuc produces electronic calculators. Suppose Dubuc’s standard cost per calculator is $ 27 for direct materials and $ 63 for conversion costs. The following data apply to August activities:

Requirements
1. Prepare summary journal entries for August using JIT costing, including the entry to adjust the Conversion Costs account.
2. The beginning balance of Finished Goods Inventory was $ 1,700. Use a T-account to find the ending balance of Finished GoodsInventory.

Transcribed Image Text:

Direct materials purchased (on account) Conversion costs incurred Number of calculators produced Number of calculators sold (on account, at $15 each) 6,700 14,000 200 calculators 195 calculators