Backflush Costing with No Finished Goods Account. The Highspeed Manufacturing Company produces only for customer order, and most work is shipped within 36 hours of receipt of an order. Highspeed uses a raw and in process (RIP) inventory account and expenses all conversion costs to the cost of goods sold account. Work is shipped immediately upon completion, so there is no finished goods account. At the end of each month, inven¬ tory is counted, its conversion cost component is estimated, and the RIP account balance is adjusted accordingly. Raw material cost is backflushed from RIP to Cost of Goods Sold. The following information is for May: LO7 Beginning balance of RIP account, including $1,300 of conversioncost. $ 12,300 Raw materials received oncredit. 246,000 Ending RIP inventory per physical count, including $2,100 conversion cost estimate. 12,100 Required: Prepare the three journal entries involving the RIP account.