JIT journal entries Cosmo Industries recorded the following transactions for its first month of operations:

$(1)$ Direct Material Inventory.

Accounts Payable.

$............................................$

To record purchase of direct material

$(2)$ Work in Process Inventory $.$

Direct Material Inventory. $q,24,000$

To record distribution of material to production

$(3)$ Conversion Cost Control $q,$ Various accounts $q,......$ cdots $.......40,00040,00024,00024,000$

To record incurrence of con Work in Process Inventory $q,$

$q,(4)$ Work in Process Inventory $...40,000$ Conversion Cost Control $q,$ To assign conversion cost to WIP

$40,000$

$40,000$

$24,000q,$

$q,$

$q,64,000$

Work in Process Inventory $64,000$

To record completion of products

$(6)$ Accounts Receivable $q,$ Sales. $q,$

$q,116,000$

$(5)$ Finished G Work To record $(6)$ Accounts Sales

To record sale of products

$116,000$

Cost of Goods Sold $...q,62,000$

Finished Goods Inventory. $q,62,000$

To record cost of goods sold

Because Cosmo employs JIT, the company's CEO has asked how the accounting system could be simplified.

a$.$ Prepare the journal entries, assuming that no transactions are recognized until goods are completed.

b$.$ Prepare the journal entries, assuming that goods are shipped to customers as soon as they ar completed and that no journal entries are recorded until goods are completed.

c$.$ Prepare the journal entries, assuming that sale of product is the trigger point for journal entries

d$.$ Prepare the journal entries, assuming that sale of product is the trigger point for journal entrie and that the firm uses backflush costing.