PerfectoPerfecto

Products uses a JIT management system to manufacture trading pins. The standard cost per pin is

$ 1$1

for direct materials and

$ 3$3

for conversion costs. Last month,

PerfectoPerfecto

recorded the following data:

Number of pins completed	4,100	pins
Number of pins sold (on account at $10 each)	3,400	pins
Raw material purchases (on account)	$7,500
Conversion costs	$30,000

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.)