(L.OBJ. 3) Recording JIT costing journal entries [10 min] Prized Products uses a JIT sy...

(L.OBJ. 3) Recording JIT costing journal entries [10 min]

Prized Products uses a JIT system to manufacture trading pins for the Hard Rock Café. The standard cost per pin is $1 for raw materials and $2 for conversion costs. Last month Prized recorded the following data:

Requirement

1. Use JIT costing to prepare journal entries for the month, including the entry to close the Conversion costs account.