Grand Devices Corporation assembles handheld computers that have scaled-down capabilities of laptop computers. Each handheld computer takes 6 hours to assemble. Grand Devices uses a JIT production system and a backflush costing system with three trigger points. There are no beginning inventories of materials or finished goods. The following data are for August 2018: (Click the icon to view the August data.) Required 1. Prepare summary journal entries for August 2018 in the order they occur (without disposing of under-or overallocated conversion costs). 2. Post the entries in requirement 1 to T-accounts for applicable Inventory: Materials and In-Process Control, Finished Goods Control, Conversion Costs Control, Conversion Costs Allocated, Cost of Goods Sold, Accounts Payable, and Various Accounts. 3. Under an ideal JIT production system, how would the amounts in your journal entries differ from those in requirement 1? Requirement 2. Post the entries in requirement 1 to T-accounts for applicable Inventory: Materials and In-Process Control, Finished Goods Control, Conversion Costs Control, Conversion Costs Allocated, Cost of Goods Sold, Accounts Payable, and Various Accounts. (Leave unused cells blank.) Inventory: Materials and In-Process Control Finished Goods Control Bal. Bal. Direct materials purchased $ 3,037,000 Direct materials used $ 2,814,000 Conversion costs incurred $ 724,200 Conversion costs allocated $ 750,400 Grand Devices records direct materials purchased and conversion costs incurred at actual costs. When finished goods are sold, the backflush costing system "pulls through" the standard direct material cost ($105 per unit) and standard conversion cost (528 per unit). Grand Devices produced 26,800 finished units in August 2018 and sold 23,700 units. The actual direct material cost per unit in August 2018 was $105, and the actual conversion cost per unit was $27 Conversion Costs Control Conversion Costs Allocated Bal. Bal. Cost of Goods Sold Accounts Payable Control Various Accounts Bal