Prized Products uses a JIT system to manufacture trading pins for the Hard Rock Cafe. The standard cost per pin is \($1\) for raw materials and \($2\) for conversion costs, hast month Prized recorded the following data:

Requirement 

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

Transcribed Image Text:

Number of pins completed Number of pins sold 4,100 pins Raw material purchases 3,700 pins Conversion costs 86 $ 7,500 12,000