Question 5 (8 Marks) Wallace Ltd. Manufactures a single product called the 'Grommit'. The transactions for the month of March were as follows: Purchase of raw materials $2,420,000 Conversion costs incurred during the month: Labor $770,000 Overheads $1,158,000 Finished goods completed during the month 120,000 Grommits Sales for the month 118,000 Grommits There were no opening inventories of raw materials, work-in-process, or finished goods on March 1. The standard and actual cost per unit of output is $36 ($20 materials and conversion costs of $16, of which labor comprises $6.40). Unit Selling price of the product is $40. Required: a. Using the 3 Trigger method provide the Journal Entries necessary to record all transactions. (6 Marks) b. Record the over/under allocated entry for period end. (2 Marks)