Bockflush versus Taditional Costing: Variation 1 Potter Company has installed a JIt purchasing and monufacturing system and is using backflush accounting for its cost flows. it currently uses a two-trigger approach with the purchase of materiais as the first triggef point and the completion of goods as the second trigger point. During the month of june, Potter had the following transoctions: $40,500 labor plus $222,750 overheod. There were no beginning or anding inventories. All goods produced were sold with a 60 percent maricup. Any varionce is closed to Cost of Goods Sold. (Variances are recognized monthiy.) 2. Prepare the journal entries for the month using bockflush costing. For a compound transaction, if an amount box does not require an entry, leave it blank. Prepare your entries in the following order: (b) purchase of raw materiais, (b) incurrence of direct labor and overhead costs, (c) completion of goods, (d) cost of sales, (e) sales revenue, and (f) recognition of the variance between appled and actuol production costs