Caprice,Inc $\$ 80,000$ Dec 8 Incurred Labor and Overhead Costs

question 110

Essay

Caprice,Inc.has adopted a JIT management system and has the following transactions in December:
Dec 3 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.