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 ................................. 4,100 pins 

Number of pins sold (on account at $7 each).... 3,700 pins 

Raw material purchases (on account) ...............$ 7,000 

Conversion costs ..................................................$ 14,500 

Use JIT costing to prepare journal entries for the month, including the entry to adjust the Conversion Costs account.