Value Gadgets Corporation assembles handheld computers that have scaled-down capabilities of laptop computers. Each handheld computer takes 6 hours to assemble. Value Gadgets uses a JIT production system and a backflush costing system with three trigger points. There are no beginning inventories of materials or finished goods. The following data are for August (Click the icon to view the August data.) Required 1. Prepare summary journal entries for August in the order they occur (without disposing of under- or overallocated conversion costs). 2. Post the entries in requirement 1 to T-accounts for applicable Inventory: Materials and In-Process Control, Finished Goods Control, Conversion Costs Control, Conversion Costs Allocated, and Cost of Goods Sold. 3. Under an ideal JIT production system, how would the amounts in your journal entries differ from those in requirement 1? More info X Direct materials purchased $2,942,000 Direct materials used $ 2,915,000 Conversion costs incurred $ 722,900 Conversion costs allocated $ 577,500 Value Gadgets records direct materials purchased and conversion costs incurred at actual costs. When finished goods are sold, the backflush costing system "pulls through" the standard direct material cost ($106 per unit) and standard conversion cost ($21 per unit). Value Gadgets produced 27,500 finished units in August and sold 27,100 units. The actual direct material cost per unit in August was $106, and the actual conversion cost per unit was $26. y occur (without disposing of under- or overallocated conversion costs). Explanations are not required.) Debit Credit