Prime 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, Prime recorded the following data: Number of pins completed Number of pins sold (on account at $7 each) Raw material purchases (on account) $ Conversion costs $ 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 4,100 pins 3,700 pins 7,000 14,500 Accounts Debit Credit
Prime 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, Prime recorded the following data: Number of pins completed Number of pins sold (on account at $7 each) Raw material purchases (on account) $ Conversion costs $ 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 4,100 pins 3,700 pins 7,000 14,500 Accounts Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please do not give solution in image format thanku
Transcribed Image Text:Prime 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, Prime recorded the
following data:
Number of pins completed
Number of pins sold (on account at $7 each)
Raw material purchases (on account)
4,100 pins
$
3,700 pins
7,000
14,500
Conversion costs
$
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education