Quality Products uses a JIT system to manufacture trading pins for the Hard Rock Café. The standard cost per pin is $2 for raw materials and $3 for conversion costs. Last month Quality recorded the following data:

Requirement
1. Use JIT costing to prepare journal entries for the month, including the entry to close the Conversion costsaccount.

Transcribed Image Text:

Number of pins completed Number of pins sold 4,000 pins Raw material purchases 3,300 pins Conversion costs 9,500 14,000