capris adopted JIT management system and has the following transactions in december

12) Caprice, Inc. has adopted a JIT management system and has the following transactions in December: Dec3 Purchased raw materials on account, $80,000 Dec 8 Incurred labor and overhead costs, $105,000 Dec 15 Completed 750 units with standard costs of $106 for direct materials and $165 for conversion costs Dec 23 Sold 650 units for $395 each Record the journal entries for Caprice, Inc. for December on the answer sheet: Date Accounts and Explanation Debit Credit Dec 3 Dec 8 Dec 15 Dec 23 Dec 23