Backflush Costing; Entries in RIP Account. The Pensawater Manufacturing Company uses a raw and in process (RIP) inventory account and expenses all conversion costs to the cost of goods sold account. At the end of each month, all inventories are counted, their conversion cost components are estimated, and inven¬ tory account balances are adjusted accordingly. Raw material cost is backflushed from RIP to Finished Goods. The following information is for April: LO7 Beginning balance of RIP account, including $1,400 of conversioncost. $ 31,000 Raw materials received oncredit. 367,000 Ending RIP inventory per physical count, including $1,800 conversion cost estimate. 33,000 Required: Prepare the three journal entries involving the RIP account.