The budgeted conversion costs for a just-in-time cell are $1,462,500 for 1,950 production hours. Each unit produced by the cell requires 12 minutes of cell process time. During the month, 720 units are manufactured in the cell. The estimated materials cost are $1,300 per unit. Provide the following journal entries:
a. Materials are purchased to produce 750 units.
b. Conversion costs are applied to 720 units of production.
c. 705 units are completed and placed into finished goods.