21-37. BACKFLUSH COSTING AND JIT PRODUCTION. The Rippel Corporation manufactures electrical meters. For August, there were no beginning inventories of direct materials and no beginning or ending work in process. Rippel uses a JIT production system and backflush costing with three trigger points for making entries in the accounting system: Purchase of direct materials Completion of good finished units of product Sale of finished goods Rippel's August standard cost per meter is direct materials, $23, and conversion cost, $17. Rippel has no direct materials variances. The following data apply to August manufacturing: Direct materials purchased $535,000 Number of finished units manufactured 18,000 Conversion costs incurred $420,000 Number of finished units sold 16,000 Required 1. Prepare summary journal entries for August (without disposing of under- or overallocated conversion costs). 2. Post the entries in requirement 1 to T-accounts for Materials and In- Process Inventory Control, Finished Goods Control, Conversion Costs Control, Conversion Costs Allocated, and Cost of Goods Sold