MiniComp Corporalion assembles handheld computers that have scaled-down capabilities of laptop computers. Each handheld computer lakes 6 hours to assemble. MiniComp uses a JIT production system and a backlush costing system with three triggerpoints. There are no beginning inventories f materials or finished goods. The following data are for August 2018. (Click the iCon to view the August data ) Required Post the antrios in roquiromont 1 to T-accounts for applicable Inventory, Materials and In-Process Control. Finished Goods Control, Conversion Costs Control, Conversion Costs Allocated, and Cost of Goods Sold. 3. Under an ideal JIT production system, how would the amounts in your joumal entries difter trom those in requirement 1? X More Info Direct materials purchased S 2,942,000 Direct materials used. 2,750,000 Conversion costs incurred S 725,400 $ Conversion costs allocated 715,000 MiniComp records direct materials purchased and conversion costs incurred at actual costs. When finished goods are sold, the backflush costing system in August 2018 and sold 25 200 units The actual direct material .cost.ner unit in August 2018 was $100 and the actual conversinn.cost.ner.unit was $26 Requirement 1. Prepare summary journal entries for August 2018 in the order they occur (without disposing of under- or overallocated conversion costs). Begin with the purchase of direct materials. (Record debits first, and then credits. Explanations are not required.) Journal Entry Accounts Debit Credit JE 1 Now prepare the entry for the conversion costs incurred Journal Entry Accounts Debit Credit JE 2 Next prepare the entry for the completion of finished goods Journal Entry Debit Accounts Credit JE 3 Finally, prepare the entry for the sale of the finished goods Journal Entry Credit Accounts Debit JE 4 Requirement 2. Post the entries in requirement 1 to T-accounts for applicable Inventory: Materials and In-Process Control, Finished Coods Control, Conversion Costs Control, Conversion Costs Allocated, and Cost of Goads Sold. (Leave unused cells blank.) Inventory: Materials and In-Process Control Finished Coods Control Ba Ba Conversion Costs Control Conversion Costs Allocated Bal. Bal. Cost of Goods Sold Bal. Requirement 3. Under an ideal JIT production system, how would the amounts in your journal entries differ from those in requirement 1? inventories at the end of each day. In a JIT system the debit in journal entry 3 would be $ There could be as opposed to the amount now