*Keep in mind, the table goes up to number 8.

Cornerstone Exercise 11.5 (Algorithmic) Backflush Costing 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 $380,000 2. Placed all materials received into production. 3. Incurred actual direct labor costs of $57,000 4. Incurred actual overhead costs of $396,200 5. Applied conversion costs of $428,600. 6. Completed all work for the month. 7. Sold all completed work 8. Computed the difference between actual and applied costs. Required: Hide 1. Prepare the journal entries for traditional costing 1. 2. 3