Backflush Costing Hepworth Company has implemented a JIT 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 $360,000. 2. Placed all materials received into production. 3. Incurred actual direct labor costs of $54,000. 4. Incurred actual overhead costs of $375,400. 5. Applied conversion costs of $406,200. 6. Completed all work for the month. 7. Sold all completed work. 8. Computed the difference between actual and applied costs. Required: 1. Prepare the journal entries for traditional costing. 1. Materials Inventory Accounts Payable 2. Work-in-Process Inventory Materials Inventory 3. Work-in-Process Inventory Wages Payable 4. Overhead Control Accounts Payable 5. Work-in-Process Inventory Overhead Control 6. Finished Goods Inventory Work-in-Process Inventory 7. Cost of Goods Sold Finished Goods Inventory 8. Cost of Goods Sold Overhead Control