Backflush Costing Hepworth Company has implemented a dit system and is considering the use of backflush costing. Hepworth had the following transactions for the current fiscal year: 1. Purchased raw materials on account for $590,000, 2. Placed all materials received into production 3. Incurred actual direct labor costs of $88,500. 4. Incurred actual overhead costs of $614,600. 5. Applied conversion costs of $653,800. 6. Completed all work for the month. 7. Sold all completed work. 8. Computed the difference between actual and applied costs. 1. Prepare the journal entries for traditional costing, Materials Inventory 590.000 Accounts Payable 590,000 2 Work-in-Process Inventory 590,000 Materials Inventory 590,000 3 Work-in-Process Inventory 88,500 Wages Payable 88,500 Overhead Control 4. 614,600 Accounts Payable 614,600 5. Work-in-Process Inventory 590,000 Overhead Control 590,000 X 6. Finished Goods Inventory 1.278.400 Work-in-Process Inventory 1,278,400 7. Cost of Goods Sold 1.278.400 X Finished Goods Inventory 1.278.400 X 8. cost of Goods Sold Overhead Control 2. Assume the second trigger point in Requirement 1 is the sale of goods. If an amount box does not require an entry, leave it blank. What would change for the backflush-costing journal entries? with the following entry. Feedback 3. Assume there is only one trigger point and it is (a) completion of the goods or (b) sale of goods. If an amount box does not require an entry, leave it blank. Feedback How would the backflush costing journal entries differ from Requirement 1 for (a)? with the following entry. Feedback How would the backflush costing Journal entries differ from Requirement 1 for (b)? If an amount box does not require an entry, leave it blank. 10 Feedback How would the backflush costing journal entries differ from Requirement 1 for (b)? If an amount box does not require an entry, leave it blank. Feedback with the following entry. Feedback