QUESTION 5 (20 minutes, 12 marks) Margo Corporation has no beginning inventories of raw materials or work in process. They use backflush costing with three trigger points; the purchase of direct materials, the completion of good finished units of product and the sale of finished goods. The standard cost of one finished unit of product is: DIRECT MATERIALS $26.00 CONVERSION COSTS $15.00 The following data apply to this month's manufacturing: RAW MATERIALS PURCHASED $5,300,000 CONVERSION COSTS INCURRED $3,080,000 NUMBER OF FINISHED UNITS MANUFACTURED 200,000 NUMBER OF FINISHED UNITS SOLD 192,000 Any over or under applied conversion costs are written off monthly to cost of goods sold. REQUIRED: Prepare the necessary journal entries for the current month