Grand Devices Corporation assembles handheld computers that have scaled-down capabilities of laptop computers. Each handheld computer takes 6 hours to assemble. Grand Devices uses a JIT production system and a backflush costing system with two trigger points. There are no beginning inventories of materials or finished goods. The following data are for August 2018: (Click the icon to view the August data.) More Info - X Required 1. Prepare summary journal entries for August, including the disposition of under-or overallocated conversion costs. 2. Post the entries in requirement 1 to T-accounts for Inventory Control, Conversion Costs Control, Conversion Costs Allocated, and Cost of Goods Sold. Direct materials purchased $ 3,010,000 Direct materials used $ 2,525,000 Conversion costs incurred $ 724,200 Conversion costs allocated $ 750,000 Next prepare the entry for the completion of finished goods. Grand Devices records direct materials purchased Journal Entry and conversion costs incurred at actual costs. When finished goods are sold, the backflush costing system Accounts Debit Credit "pulls through" the standard direct material cost JE 3 Cost of Goods Sold (5101 per unit) and standard conversion cost (530 per unit). Grand bor produced 25,000 finished Inventory Control Conversion Costs Allocated actual direct material cost per unit in August 2018 forts and sold 24.500 units. The was $101, and the actual conversion cost per unit was $29. The Inventory Control account will include direct materials purchased but not yet in production, materials in work in process, and materials in finished Choose from any list or enter any number in the input fields and then click Check Answer. goods but not sold. No conversion costs are inventoried. Any under-or overallocated conversion costs are written off monthly to Cost of Goods Sold