20-38 Backflush costing. (LO 5) The Ronowski Company produces telephones. For June, there were no beginning inventories of raw materials and no beginning and ending work-in-process. Ronowski uses a JIT production system and backflush costing with three trigger points for making entries in its accounting system: - Purchase of direct (raw) materials - Completion of good finished units of product - Sale of finished goods Ronowski's June standard cost per unit of telephone product is direct materials, $31.20; conversion costs, $18. There are three inventory accounts: - Inventory: Raw - Inventory: In-Process Control - Finished Goods Control The following data apply to June manufacturing: Required 1. Prepare summary journal entries for June (without disposing of underor overallocated conversion costs). Assume no direct materials variances. 2. Post the entries in requirement 1 to T-accounts for applicable Inventory Control, Conversion Costs Control, Conversion Costs Allocated, and Cost of Goods Sold. Check Figure: 1. Conversion costs control DR, 3,696,000