Note: There is a drop down for each of the smaller boxes with the options JE1, JE2, & JE3….

Note: There is a drop down for each of the smaller boxes with the options JE1, JE2, & JE3. Panoramic, Inc. is a manufacturer of digital cameras. It has two departments: assembly and testing. In January 2017, the company incurred $800,000 on direct materials and $820,000 on conversion costs, for a total manufacturing cost of $1,620,000. During February 5,000 cameras are placed into production, but only 4,000 cameras are fully completed at the end of the month. All direct materials have been added to the remaining 1,000 cameras. However, on average, these remaining 1,000 cameras are only 60% complete as to conversion costs. 5/ (Click the icon to view the data on the cameras.) Read the requirement. X Total Prepare summary journal entries for the use of direct materials and incurrence of conversion costs. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by recording the purchase and use of direct materials. Journal Entry i Reference Date Accounts Debit Credit JE 1 Work in Process—Assembly 800,000 Accounts Payable 800,000 Direct Materials Conversion Costs Costs incurred during the period $ 800,000 $ 820,000 Equivalent units of work done in current period 5,000 4,600 Record the conversion costs. 160.00 $ 178.26 $ Cost per equivalent unit Journal Entry Date Accounts Debit Credit Print Done JE 2 Work in Process—Assembly 820,000 Various Accounts (Mfg labor, Energy, etc.) 820,000 338.26 Journal Entry Date Credit Accounts Work in Process—Testing Work in Process—Assembly Debit 1,353,040 JE 3 1,353,040 Show the postings to the Work in Process account. Work in Process—Assembly Department Bal. Bal. Bal.