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

Requirements
1. Prepare summary journal entries for August using JIT costing, including the entry to close 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:

Materials purchascd Conversion costs incurred Number of calculators produced Number of calculators sold $ 6,700 14,000 200 calculators 195 calculators