(Solved) : Backflush Costing Hepworth Company Implemented Jit System Considering Use Backflush Costin Q32987999 . . . .

Backflush Costing

Hepworth Company has implemented a JIT system and is consideringthe use of backflush costing. Hepworth had the followingtransactions for the current fiscal year:

Purchased raw materials on account for $370,000.
Placed all materials received into production.
Incurred actual direct labor costs of $55,500.
Incurred actual overhead costs of $385,800.
Applied conversion costs of $417,400.
Completed all work for the month.
Sold all completed work.
Computed the difference between actual and applied costs.

prepare the journal entries for backflush costing. Assume thereare two trigger points: (1) the purchase of raw materials and (2)the completion of the goods. If no entry is required, select “Noentry required” and leave the amount