Papadopoulou SA manufactures electrical meters. For August, there were no opening stocks of direct (raw) materials and no opening and closing work in progress. Papadopoulou uses a JIT production system and backflush costing with two trigger points for making entries in the accounting system: 

a. Purchase of direct materials debited to Stock: Raw and In-Progress Control 

b. Completion of good finished units of product debited to Finished Goods Control at standard costs. 

Papadopoulou’s August standard costs per unit are direct materials, €25; conversion costs, €20. The following data apply to August manufacturing: 

Direct (raw) materials purchased .......................................................................  €550,000 

Conversion costs incurred ...................................................................................  €440,000 

Number of finished units manufactured ............................................................     21,000 

Number of finished units sold ................................................................................   20,000

Required 

1. Prepare summary journal entries for August (without disposing of under- or overallocated conversion costs). Assume no direct materials variances. 

2. Post the entries in requirement 1 to the following T-accounts if applicable: Stock Control, Conversion Costs Control, Conversion Costs Allocated and Cost of Goods Sold.