uses a JIT system. They do NOT use standard costing. Since the process is highly automated, for costing purposes, they keep one account called "Conversion Cost Control" which it uses to apply conversion costs to production. They use this the same way as "Overhead Control" except they use it to keep track of both the labor and overhead that go into production. The following transactions occurred during the recent month of October: Raw materials purchased on account All of above materials were placed into production Actual direct labor costs incurred Actual overhead costs incurred Conversion costs applied to production $600,000 $90,000 $625,000 $675,000 ($585,000 of which is overhead) REQUIRED: 1. Prepare the journal entries for the monthly transactions using traditional costing. Use T accounts to demonstrate the flow of costs, 2. Assume that the company always completes production within the period and never has any work in process. They also immediately ship to the customers upon completion, thereby not having any finished goods inventory. Prepare journal entries to reflect the above transactions that you feel would be necessary to reflect the operations described above (design a system of journal entries) 3. Now assume the same situation as in #2 above EXCEPT that they do keep finished-goods inventory on a regular basis and ship to customers from this inventory. NOW come up with appropriate journal entries to refect the above 4, NOW ASSUME the situation in #3 above, except that the company was using standard costing, has completed the monthly accounting work and has discovered 100 unfinished units in work in process. Assume that the standard cost of direct materials, direct labor and overhead are $500 per unit. What entry should be made NOW