Quality Products uses a JIT management system to manufacture trading pins. The standard cost per pin is

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Quality Products uses a JIT management system to manufacture trading pins. The standard cost per pin is $ 2 for direct materials and $ 3 for conversion costs. Last month, Quality recorded the following data:
Number of pins completed ............ 4,000 pins
Number of pins sold (on account at $ 8 each) .... 3,300 pins
Raw material purchases (on account) ....... $ 9,500
Conversion costs ...............$ 14,000
Use JIT costing to prepare journal entries for the month, including the entry to ­adjust the Conversion Costs account.

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Related Book For  answer-question

Horngrens Financial and Managerial Accounting

ISBN: 978-0133255584

4th Edition

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

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