1. Prepare summary jounal entries for January. 2. The January 1, 2018, balance of the Raw and In-Process inventory account was $70. Use a T - account to find the January 31 balance. 3. Use a T - account to determine wheither conversion costs are overallocated or unerallocated for the month. By how much? Prepare the journal entry to adjust the Conversion Costs account.
Lally, Inc. produces universal remote controls. Lally uses a JIT costing system. One of the company's products has a standard direct materials cost of $9 per unit and a
Requiremets :
1. Prepare summary jounal entries for January.
2. The January 1, 2018, balance of the Raw and In-Process inventory account was $70. Use a T - account to find the January 31 balance.
3. Use a T - account to determine wheither conversion costs are overallocated or unerallocated for the month. By how much? Prepare the
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