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Data Table 7,800 22,000 Direct materials purchased (on account) Conversion costs incurred Number of calculators produced Number of calculators sold (on account, at $105 each) 200 calculators 195 calculators Smith produces electronic calculators. Suppose Smith's standard cost per calculator is $20 for direct materials and $62 for conversion costs. The following data apply to August activities: Click the icon to view the data.) 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 Goods Inventory. Requirement 1. Prepare summary journal entries for August using JIT costing, including the entry to adjust the Conversion Costs account. (Record debits first, then credits. Exclude explanations from journal entries.) Journalize the purchase of raw materials. Date Accounts Debit Credit Aug. Data Table $ 61,000 24,000 Strength-testing one item from each batch of panels Training employees in TQM Training suppliers in TQM Identifying suppliers who commit to on-time delivery of perfect-quality materials 31,000 60,000 Clason, Inc. manufactures door panels. Suppose Clason is considering spending the following amounts on a new total quality management (TQM) program: (Click the icon to view the information.) Data Table $ 86,000 60,000 Avoid lost profits from lost sales due to disappointed customers Avoid rework and spoilage Avoid inspection of raw materials Avoid warranty costs 53,000 16,000 Requirements 1. Classify each cost as a prevention cost, an appraisal cost, an internal failure cost, or an external failure cost. 2. Should Clason implement the new quality program? Give your reason. Clason expects the new program would save costs through the following: (Click the icon to view the information.) Read the requirements. Requirement 1. Classify each cost as a prevention cost, an appraisal cost, an internal failure cost, or an external failure cost. Cost Type of Quality Cost Strength-testing one item from each batch of panels Reference Predetemined Overhead Activity Allocation Rate $ 46 per page Documentation preparation Information technology support $ 270 per application Training $ 112 per direct labor hour Data Table Allocation Base Kingston 110 Direct labor hours Pages Applications used 380 65 Requirements 1. Compute the cost assigned to the Kingston engagement, using the ABC system. 2. Compute the operating income or loss from the Kingston engagement, using the ABC system