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Illustration 7. Dandia Ltd. foliows JIT system. It had following transactions in May, 2014: Raw materials were purchased for 2,00,000. Direct labour cost incurred 36,000 (in) Actual overhead costs 3,00,000 (iv) Conversion costs applied 3,16,000 All materials, that were purchased, were placed into production and the production was also completed and sold during the month. The difference between actual and applied costs is computed. You are required to pass both Traditional journal entries and Backflush journal entries. Solution