DE25-19 Hamilton Products uses a JIT system to manufacture trading pins for the 2002 Olympic Games in Salt Lake City. The standard cost per pin is $2 for raw materials and $3 for conversion costs. Last month Hamilton recorded the following data: Number of pins completed.. 4,000 pins Number of pins sold........ 3,500 pins Raw material purchases........... $ 8,800 Conversion costs.. $12,660 Use JIT costing to prepare journal entries for the month, including the entry to close the Conversion Cost account.