1. Great Wall, Inc. has adopted a JIT management system and has the following transactions in December: Dec 3 Purchased raw materials on account, $90,000 Dec 8 Incurred labor and overhead costs, $104,000. Wages were not paid. Dec 15 Completed 750 units with standard costs of $105 for direct materials and $155 for conversion costs Dec 23 Sold 650 units for $395 each on account. The company uses the perpetual inventory system. Record the journal entries for Great Wall, Inc. for December. Omit explanations. (11 Points)