(Solved): Requirement 1. Prepare the summary journal entries for January. (Record debits first, then credits. ...

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. Requirements 1. Prepare summary journal entries for January. 2. The January 1, 2024, 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 whether conversion costs are overallocated or underallocated for the month. By how much? Prepare the journal entry to adjust the Conversion Costs account.