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: 8. 7. 6. 5. 1. Raw Materials and In Process Inventory Prepare the journal entries for backflush costing. Assume there are two trigger points: (1) the purchase of raw materials and (2) the completion of the goods. If no entry is required, select "No entry required" and leave the amount boxes blank or enter "0". For a compound transaction, if an amount box does not require an entry, leave it blank. Accounts Payable 2. No entry required 3 & 4. Conversion Cost Control 1