A lean manufacturer incurs ($ 45) per unit in raw materials page D-9 costs and applies ($

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A lean manufacturer incurs \(\$ 45\) per unit in raw materials page D-9 costs and applies \(\$ 75\) per unit in conversion costs to produce office chairs. Each chair is sold for \(\$ 170\). In the current period, the business produced 500 units and sold 470 units. Prepare the necessary journal entries following lean accounting. Assume actual conversion costs equal applied conversion costs.

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