19-33 BACKFLUSH COSTING AND JIT PRODUCTION. The Acton Corporation manufactures electrical meters. For August, there were no beginning inventories of direct materials and no beginning or ending work in process. Acton uses a JIT production system and backflush costing with three trigger points for making entries in the accounting system: LOS 1. Finished Goods Control DR. 945,000 . Purchase of direct materials-debited to Inventory: Materials and In-Process Control . Completion of good finished units of product-debited to Finished Goods Control . Sale of finished goods Acton's August standard cost per meter is direct material, $25; and conversion cost, $20. The following data apply to August manufacturing: Direct materials purchased $550.000 Conversion costs incurred $440.000 Number of finished units manufactured 21,000 Number of finished units sold 20,000Required 1. Prepare summary journal entries for August (without disposing of under- or overallocated conversion costs). Assume no direct materials variances. 2. Post the entries in requirement 1 to T-accounts for Inventory: Materials and In-Process Control, Finished Goods Control, Conversion Costs Control, Conversion Costs Allocated, and Cost of Goods Sold. 19-34 BACKFLUSH, TWO TRIGGER POINTS, MATERIALS PURCHASE AND SALE ( continuation of Problem 19-33 0). Assume that the second trigger point for Acton Corporation is the sale-rather than the completion-of finished goods. Also, the inventory account is confined solely to direct materials, whether these materials are in a storeroom, in work in process, or in finished goods. No conversion costs are inventoried. They are allocated to the units sold at standard costs. Any under- or overallocated conversion costs are written off monthly to Cost of Goods Sold.Required 1. Prepare summary journal entries for August, including the disposition of under- or overallocated conversion costs. Assume no direct materials variances. 2. Post the entries in requirement 1 to T-accounts for Inventory Control, Conversion Costs Control, Conversion Costs Allocated, and Cost of Goods Sold