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Perfecto Products uses a JIT management system to manufacture trading pins. The standard cost per...

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Accounting

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Perfecto Products uses a JIT management system to manufacture trading pins. The standard cost per pin is $1 for direct materials and $3 for conversion costs. Last month, Perfecto recorded the following data: Number of pins completed 3,900 pins Number of pins sold (on account at $6 each) 3,300 pins Raw material purchases (on account) $ 7,500 Conversion costs $ 14,500 Use JIT costing to prepare journal entries for the month, including the entry to adjust the Conversion Costs account. (Record debits first, then credits. Exclude explanations from journal entries.) Journalize the purchase of raw materials. Date Accounts Debit Credit Journalize the actual conversion costs incurred. Date Accounts Debit Credit Journalize the completed production. Date Accounts Debit Credit Journalize the sales on account. (Do not record the costs related to last month's sales. We will do this in the following step.) Date Accounts Debit Credit Journalize the cost of sales for last month. Date Accounts Debit Credit Journalize the entry to adjust the Conversion Costs account. Date Accounts Debit Credit

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