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.
What will be an ideal response

Date Accounts and Explanation Debit Credit
Dec 3 Raw and In-Process Inventory 80,000
Accounts Payable 80,000

Dec 8 Conversion Costs 105,000
Wages Payable, Accumulated Depreciation, etc. 105,000

Dec 15 Finished Goods Inventory 203,250
Raw and In-Process Inventory (750 units x $106 ) 79,500
Conversion Costs (750 units x $165 ) 123,750

Dec 23 Accounts Receivable (650 units x $395 ) 256,750
Sales Revenue 256,750

Dec 23 Cost of Goods Sold (650 units x [$106 + $165]) 176,150
Finished Goods Inventory 176,150