Blair Corporation has adopted a JIT management system and has the following transactions in March
Mar 5 Incurred labor and overhead costs, $95,000
Mar 31 Completed 650 units with standard costs of $94 for direct materials and $128 for conversion costs
Open a T-account for Conversion Costs. Post appropriate entries to determine the amount of underallocated or overallocated overhead. Record the adjusting entry.
What will be an ideal response
Conversion Costs
Mar 5 95,000 Mar 31 83,200
Bal. 11,800
Date Accounts and Explanation Debit Credit
Mar 31 Cost of Goods Sold 11,800
Conversion Costs 11,800
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Indicate whether the statement is true or false