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Requirements

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 $$1,100$ Use a T$-$account to find the ending balance of Finished Goods Inventory.

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[$Aug$.,\backslash$table$[[$Conversion Costs$],[$Wages Payable, Accumulated Depreciation, etc.$]],16,000,],[$Wann$,,]]$

Data table

Journalize the completed production.

$\backslash$table$[[$Date$,$Accounts,Debit$],[$Aug$.,$Finished Goods Inventory,$17100],[$Raw and In$-$Process Inventory,$],[$Conversion Costs,$]]$

$\backslash$table$[[$Direct materials purchased $($on account$),$$$7,000$