Recording JIT costing journal entries Prime Products uses a JIT management system to manufacture trading pins. The dard cost per pin is $2 for direct materials and $3 for conversion costs. Last month Prime recorded the following data: Use costing to prepare journal entries for the month, including the entry to adjust the Conversion Costs account. 4,100 pins Number of pins completed Number of pins sold (on account at $7 each) 3,700 pins Raw material purchases (on account) $ 7,000 Conversion costs $ 14,500