Innovative Corporation assembles handheld computers that have scaled-down capabilities of laptop computers. Each handheld computer takes 6 hours to assemble. Innovative 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? C. Requirement 1. Prepare summary journal entries for August in the order they occur (without disposing of under-or overallocated conversion costs). Begin with the purchase of direct materials. (Record debits first, then credits. Explanations are not required.) Journal Entry Accounts Debit Credit JE 1 Innovative Corporation assembles handheld computers that have scaled-down capabilities of laptop computers. Each handheld computer takes 6 hours to assemble. Innovative 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.) More info Required 1. Prepare summary journal entries for August in the order to 2. Post the entries in requirement 1 to T-accounts for applica Goods Sold. 3. Under an ideal JIT production system, how would the amd Conversion Costs Control, Conversion Costs Allocated, and Cost of version costs). Requirement 1. Prepare summary journal entries for August Begin with the purchase of direct materials. (Record debits fil Journal Entry Direct materials purchased $ 2,836,000 Direct materials used $ 2,675,000 Conversion costs incurred $ 724,200 Conversion costs allocated $ 600,000 Innovative 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 ($107 per unit) and standard conversion cost ($24 per unit). Innovative produced 25,000 finished units in August and sold 23,700 units. The actual direct material cost per unit in August was $107, and the actual conversion cost per unit was $29. Accounts JE 1 Print Done