Innovative Corporation assembles handheld computers that have scaled-down capabilities of laptop computers. Each handheld computer takes 6 hours to assemble. Innovative uses a JIT production system and a backflush costing system with two trigger points. There are no beginning inventories of materials or finished goods. The following data are for August (Click the icon to view the August data) Required 1. Prepare summary journal entries for August, including the disposition of under- or overallocated conversion costs 2. Post the entries in requirement 1 to T-accounts for Finished Goods Control, Conversion Costs Control, Conversion Costs Allocated, and Cost of Goods Sold. More info Direct materials purchased $2,768,000 Direct materials used $ 2,680,000 Conversion costs incurred $ 725.400 Conversion costs allocated $ 884,400 Innovative 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 ($100 per unit) and standard conversion cost ($33 per unit). Innovative produced 26.800 finished units in August and sold 22.900 units. The actual direct material cost per unit in August was $100, and the actual conversion cost per unit was $27. The Inventory Control account will include direct materials purchased but not yet in production materials in work in process, and materials in finished goods but not sold. No conversion costs are inventoried Any under- or overallocated conversion costs are written off monthly to Cost of Goods Sold the disposition of under- or overallocated conversion costs ct "No entry required" in the first line of the journal. Record debits first, then credits. Explanations are not required.) Debit Credit