The Acton Corporation manufactures electrical meters. For August, there were no beginning inventories of direct materials and no beginning or ending work in process. Acton uses a JIT production system and backflush costing with three trigger points for making entries in the accounting system:

• Purchase of direct materials

• Completion of good finished units of product

• Sale of finished goods

Acton's August standard cost per meter is direct materials, $24, and conversion cost, $18. Acton has no direct materials variances. The following data apply to August manufacturing:

Direct materials purchased ...........................................$540,000

Conversion costs incurred ............................................$425,000

Number of finished units manufactured ............................ 19,000

Number of finished units sold ........................................ 18,000

Required

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

2. Post the entries in requirement 1 to T-accounts for Materials and In-Process Inventory Control, Finished Goods Control, Conversion Costs Control, Conversion Costs Allocated, and Cost of Goods Sold.