The Herron Corporation manufactures electrical meters. For August, there were no beginning inventories of direct materials and no beginning or ending work in process. Herron uses a JIT production system and backflush costing with two trigger points for making entries in the accounting system. i (Click the icon to view additional information about the inventory account.) (Click the icon to view the August data.) vvumian Lilly Accounts JE 2 Conversion Costs Control Various Accounts (such as Wages Payable Control) Next prepare the entry for the cost of finished goods sold. Debit Credit 420,000 420,00 Journal Entry Accounts Debit Credit JE 3 Cost of Goods Sold 640,000 Inventory Control Conversion Costs Allocated Finally prepare the entry for the underallocated or overallocated conversion costs. Journal Entry Accounts JE 4 Cost of Goods Sold Finished Goods Control 368,000 272,000 Debit Credit Data table Herron's August standard cost per meter is direct materials, $23, and conversion cost, $17. Herron has no direct materials variances. The following data apply to August manufacturing: Direct materials purchased $ 535,000 Number of finished units manufactured Conversion costs incurred $ 420,000 Number of finished units sold Print Done 18,000 16,000