Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 29 Jul 2017 My Price 5.00

Lancer, Inc.

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

Maurice Tutor
(5)
Status NEW Posted 29 Jul 2017 06:07 PM My Price 5.00

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