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Homework: 3.5 - MyAccountingLab: Homework 3 Score: 11.77 of 17 pts 5 of 6 (6 complete) S19-13 (similar to) Pristine Products uses a JIT management

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Homework: 3.5 - MyAccountingLab: Homework 3 Score: 11.77 of 17 pts 5 of 6 (6 complete) S19-13 (similar to) Pristine Products uses a JIT management system to manufacture trading pins. The standard cost per pin is $1 for direct materials and $3 for conversion costs. Last month, Pristine recorded the follo Number of pins completed 4,000 pins Number of pins sold (on account at $10 each) 3,500 pins Raw material purchases (on account) $ 9,000 Conversion costs 14,500 Use JIT costing to prepare journal entries for the month, including the entry to adjust the Conversion Costs account. (Record debits first, then credits. Exclude explanations from journal entries.) Journalize the purchase of raw materials. Date Accounts Debit Credit Raw and In-Process Inventory 9,000 Accounts Payable 9,000 Journalize the actual conversion costs incurred. Date Accounts Debit Credit Conversion Costs 14,500 Wages Payable, Accumulated Depreciation, etc. 14,500 Journalize the completed production. Date Accounts Debit Credit Finished Goods Inventory 16,000 Raw and In-Process Inventory 4,000 Conversion Costs 12,000 Choose from any list or enter any number in the input fields and then click Check Answer.MGMT_312_NOV_2019_Machuca_0001 Homework: 3.5 - MyAccountingLab: Homework 3 Score: 14.38 of 17 pts 5 of 6 (6 complete) x S19-13 (similar to) Pristine Products uses a JIT management system to manufacture trading pins. The standard cost per pin is $1 for direct materials and $3 for conversion costs. Last month, Pristine recorded the following data: Number of pins completed 4,000 pins Number of pins sold (on account at $10 each) 3,500 pins Raw material purchases (on account) $ 9,000 Conversion costs 14,500 Use JIT costing to prepare journal entries for the month, including the entry to adjust the Conversion Costs account. (Record debits first, then credits. Exclude explanations from journal entries.) Journalize the sales on account. (Do not record the costs related to last month's sales. We will do this in the following step.) Date Accounts Debit Credit Accounts Receivable 35,000 Sales Revenue 35,000 Journalize the cost of sales Date Accounts Debit Credit Cost of Goods Sold 14,000 Finished Goods Inventory 14,000 Journalize the entry to adjust the Conversion Costs account. Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then click Check

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