Problem Backflush costing and JIT production. Grand Devices Corporation assembles handheld computers that have scaled-down capabilities of laptop computers. Each handheld computer takes 6 hours to assemble. Grand Devices uses a JIT production system and a backflush costing system with three trigger points: Purchase of direct materials Completion of good finished units of product Sale of finished goods There are no beginning inventories of materials or finished process inventories. The following data are for August 2017: Direct materials purchased $2,958,000 Conv Direct materials used $2,937,600 Cony Grand Devices records direct materials purchased and com no direct materials variances. When finished goods are sold, standard direct materials cost ($102 per unit) and standard produced 28,800 finished units in August 2017 and sold 28,400 in August 2017 was $102, and the actual conversion cost per i 1. Prepare summary journal entries for August 2017 (withou sion costs). 2 Post the entries in requirement 1 to T-accounts for ap Control, Finished Goods Control, Conversion Costs Con Goods Sold. 3. Under an ideal JIT production system, how would the an in requirement 1? Required Step-by-step solution There is no solution to this problem yet. Get help from a Chegg subject expert