Please do not give solution in image format thanku 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 thefollowing data:Number of pins completedNumber of pins sold (on account at $7 each)Raw material purchases (on account)4,100 pins$3,700 pins7,00014,500Conversion costs$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.DateAccountsDebitCredit

Just-in-time (JIT) manufacturing system is an approach to manufacturing, that eliminates and reduces…

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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