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League, Inc. produces universal remote controls. League uses a JIT costing system. One of the...

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Accounting

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League, Inc. produces universal remote controls. League uses a JIT costing system. One of the company's products has a standard direct materials cost of S7 per unit and a standard conversion cost of $27 per unit. During January 2018, League produced 600 units and sold 595 units on account at $45 each. It purchased $6,300 of direct materials on account and incurred actual conversion costs totaling $15,500 Read the requirements. Requirement 1. Prepare the summary journal entries for January. (Record debits first, then credits. Exclude explanations from journal entries.) Journalize the purchase of raw materials. Date Accounts Debit Credit Jan. 2018 Journalize the actual conversion costs incurred. Date Accounts Debit Credit Jan. 2018 Journalize the completed production Date Accounts Debit Credit Jan. 2018 Journalize the sales on account. (Do not record the costs related to the February sales. We will do this in the following step.) Date Accounts Debit Credit Jan. 2018

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