The following transactions take place after the implementation of JIT: 1. Materials were purchased on account for $75,000. 2. Materials were placed into production. 3. Actual direct labor costs were $16,000. 4. Actual overhead costs were $30,000. 5. Conversion costs applied were $52,000. 6. All work was completed for the month. 7. All completed work was sold. 8. The variance is recognized. What will be the entry to record materials placed into production using the backflush approach? What will be the entry to record material placed into production using the traditional approach?