A corporation manufactures propellers for the windmill industry. The corporation uses just-in-time (JIT) production system and backflush costing with 3 trigger points for making entries in the accounting system. The standard cost per propeller consists of $23,000 in direct materials and $12,000 in conversion costs. The following is the additional information gathered in accounting. Direct materials purchased $790,000 Conversion costs incurred $350,000 Number of finished units manufactured 30 Number of finished units sold 29 Sales price per unit $ 45,000 REQUIRED: a) Prepare journal entries (without disposing of under-or over allocated conversion costs.) (5 Marks) b) Post the journal entries and show total balances in part (a) to the following T-accounts: Materials and in-process control, finished goods control, conversion costs control, conversion costs allocated, costs of goods sold. (4 Marks) c) Prepare the period end journal entry to record the under-or over allocated conversion costs. (2 Marks) d) Discuss the advantages and the disadvantages of using backflush costing. (2 marks)

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