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 $350,000. 2. Placed all materials received into production. 3. Incurred actual direct labor costs of $52,500. 4. Incurred actual overhead costs of $365,000. 5. Applied conversion costs of $395,000. 6. Completed all work for the month. 7. Sold all completed work. 8. Computed the difference between actual and applied costs. Required: blank or enter " 0 ". For a compound transaction, if an amount box does not require an entry, leave it blank. 1. Raw Materials and In Process Inventory Accounts Payable 2. No entry required > No entry required Wages Payable Accounts Payable 5 6. Raw Materials and In Process Inventory Conversion Cost Control 7. Cost of Goods Sold Finished Goods Inventory 8. Cost of Goods Sold > Conversion Cost Control What would change for the backflush-costing journal entries? with the following entry. Feedback Check My Work 3. Assume there is only one trigger point and it is (a) completion of the goods or (b) Feedback Check My Work How would the backflush costing journal entries differ from Requirement 1 for (a)? with the following entry. See Example 11.6