Hepworth Company has implemented a JIT system and is considering the use of backflush costing. Hepworth had the following transactions for the current fiscal year: 1. Purchased raw materials on account for $360 , 000 . 2. Placed all materials received into production. 3. Incurred actual direct labor costs of $54 , 000 . 4. Incurred actual overhead costs of $375 , 400 . 5. Applied conversion costs of $406 , 200 . 6. Completed all work for the month. 7. Sold all completed work. 8. Computed the difference between actual and applied costs. blank or enter "0". For a compound transaction, if an amount box does not require an entry, leave it blank. 1. Raw Materials and In Process Inventory Accounts Payable 2. ConversionCostControl Noentryrequired ? 3 \& 4. 5. 6. 8