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Category > Accounting Posted 28 May 2017 My Price 9.00

Prepare summary journal entries for January

Lancer, Inc., produces universal remote controls. Lancer uses a JIT costing system. One of the company’s products has a standard direct materials cost of $9 per unit and a standard conversion cost of $35 per unit. During January 2012, Lancer produced 600 units and sold 595. It purchased $6,300 of direct materials and incurred actual conversion costs totaling $17,500.
Requirements
1. Prepare summary journal entries for January.
2. The January 1, 2012, balance of the Raw and in-process inventory account was $50. Use a T-account to find the January 31 balance.
3. Use a T-account to determine whether conversion costs are over- or underallocated for the month. By how much? Prepare the journal entry to close the Conversion costs account.

Answers

Alpha Geek
(8)
Status NEW Posted 28 May 2017 08:05 AM My Price 9.00

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Attachments

file 1495958753-89163_1_636314820622700857_JIT-jourrnal-and-closing.xlsx preview (217 words )
89-----------163-----------&am-----------p;a-----------mp;-----------inf-----------oId-----------=48-----------102-----------3JI-----------T j-----------our-----------nal----------- en-----------tri-----------esL-----------anc-----------er,----------- In-----------c.,----------- pr-----------odu-----------ces----------- un-----------ive-----------rsa-----------l r-----------emo-----------te -----------con-----------tro-----------ls.----------- La-----------nce-----------r u-----------ses----------- a -----------JIT----------- co-----------sti-----------ng -----------sys-----------tem-----------. O-----------ne -----------of -----------the----------- co-----------mpa-----------nyâ-----------€™s----------- pr-----------odu-----------cts----------- ha-----------s a----------- st-----------and-----------ard----------- di-----------rec-----------t m-----------ate-----------ria-----------ls -----------cos-----------t o-----------f $-----------9 p-----------er -----------uni-----------t a-----------nd -----------a s-----------tan-----------dar-----------d c-----------onv-----------ers-----------ion----------- co-----------st -----------of -----------$35----------- pe-----------r u-----------nit-----------. D-----------uri-----------ng -----------Jan-----------uar-----------y 2-----------012-----------, L-----------anc-----------er -----------pro-----------duc-----------ed -----------600----------- un-----------its----------- an-----------d s-----------old----------- 59-----------5. -----------It -----------pur-----------cha-----------sed----------- $6-----------,30-----------0 o-----------f d-----------ire-----------ct -----------mat-----------eri-----------als----------- an-----------d i-----------ncu-----------rre-----------d a-----------ctu-----------al -----------con-----------ver-----------sio-----------n c-----------ost-----------s t-----------ota-----------lin-----------g $-----------17,-----------500-----------.Re-----------qui-----------rem-----------ent-----------s1.-----------
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