Backflush Costing; Entries in RIP and Finished Goods. Charcola Manufacturing has a cycle time of less than a day, uses a raw and in process (RIP) account, and expenses all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted, their conversion cost components are estimated, and inventory account balances are adjusted accordingly. Raw material cost is backflushed from RIP to Finished Goods. The following information is for the month of May: LO7 Beginning balance of RIP account, including $2,300 of conversioncost. $ 21,300 Beginning balance of finished goods account, including $6,500 of conversioncost. 22,500 Raw materials received oncredit. 456,000 Ending RIP inventory per physical count, including $2,100 conversion cost estimate. 22,100 Ending finished goods inventory per physical count, including $5,000 conversion costestimate. 15,000 Required: Prepare all journal entries that involve the RIP account and/or the finished goods account.