Cyclone Electronics manufactures automobile radios. All processing is initiated when an order is received. For March there were no beginning inventories. Conversion costs and direct materials are the only manufacturing cost accounts. Direct materials are purchased under a just-in-time system and there was no variance. Backflush costing isused with trigger points at completion of finished goods and sale of product. Additional information for the month is as follows:

• Actual Conversion Cots $116,000
• Standard Material cost per unit $30
• Standard Conversion cost per unit $70
• Units Produced 1,600
• Units sold 1,400.

Required: Record all journal entries for the monthly activities related to the above transactions based on backflush costing