Smith produces electronic calculators. Suppose Smith's standard cost per calculator is $25 for direct materials and...

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Smith produces electronic calculators. Suppose Smith's standard cost per calculator is $25 for direct materials and $60 for conversion costs. The following data apply to August activities: (Click the icon to view the data.) Requirements 1. 2. 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 $1,100Use a T-account to find the ending balance of Finished Goods Inventory. Date Accounts Aug. Conversion Costs Wages Payable, Accumulated Depreciation, etc. Journalize the completed production. Date Aug. Accounts Finished Goods Inventory Raw and In-Process Inventory Conversion Costs Debit Credit 16,000 16.000 Debit Cr 17100 Data table Direct materials purchased (on account) Conversion costs incurred $ 7,000 16,000 Number of calculators produced 250 calculators Number of calculators sold (on account, at $112 each) 245 calculators Smith produces electronic calculators. Suppose Smith's standard cost per calculator is $25 for direct materials and $60 for conversion costs. The following data apply to August activities: (Click the icon to view the data.) Requirements 1. 2. 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 $1,100Use a T-account to find the ending balance of Finished Goods Inventory. Date Accounts Aug. Conversion Costs Wages Payable, Accumulated Depreciation, etc. Journalize the completed production. Date Aug. Accounts Finished Goods Inventory Raw and In-Process Inventory Conversion Costs Debit Credit 16,000 16.000 Debit Cr 17100 Data table Direct materials purchased (on account) Conversion costs incurred $ 7,000 16,000 Number of calculators produced 250 calculators Number of calculators sold (on account, at $112 each) 245 calculators

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