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Becton Labs produces chemical compounds. Data for the month of January for production of their top model, the Product X is given below. The company uses JIT production and backflush costing with three trigger points for entries in the accounting system. Production data for January: Direct materials: Std Cost/unit $7.50 $3.00 Conversion costs: Raw materials purchased Conversion costs $480,000 $250,000 80000 82000 Units of output Units sold REQUIRED: 1. Prepare summary entries under backflush costing for the month of January assuming the the raw materials had additional costs as follows: Price variance S 7,325 Efficiency variance 3,000 2. Assume that all variances and underallocated or overallocated conversion costs are written off monthly to Costs of Goods Sold. Prepare the pertinent journal entry. Becton Labs produces chemical compounds. Data for the month of January for production of their top model, the Product X is given below. The company uses JIT production and backflush costing with three trigger points for entries in the accounting system. Production data for January: Direct materials: Std Cost/unit $7.50 $3.00 Conversion costs: Raw materials purchased Conversion costs $480,000 $250,000 80000 82000 Units of output Units sold REQUIRED: 1. Prepare summary entries under backflush costing for the month of January assuming the the raw materials had additional costs as follows: Price variance S 7,325 Efficiency variance 3,000 2. Assume that all variances and underallocated or overallocated conversion costs are written off monthly to Costs of Goods Sold. Prepare the pertinent journal entry