JIT Inventory Accounting: Cambridge Peripherals, Inc., manufactures networking devices for personal computer systems. The company uses a JIT system. An order for 600 devices was received. To fill this order, materials costing $7,000 were purchased on account. Manufacturing costs of $24,000 were incurred, of which $9,000 were paid in cash, $5,000 was for wages, and the balance was on account. While production was in progress, it was necessary to compute an inventory value for financial statement purposes. The company has only one production division. The inventory cost was estimated at $1,240.

Required: Prepare journal entries for these transactions.