Maple Products Ltd. produces hockey sticks. Data for the month of February for production of their...

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Maple Products Ltd. produces hockey sticks. Data for the month of February for production of their top model, the Canadian Pro D-Lux is given below. The company uses JIT production and backflush costing with three trigger points for entries in the accounting system. Production data for February: Std Cost/unit Direct materials: $20 Conversion costs: $25 Raw materials purchased $505,000 Conversion costs $615,000 25000 Units of output Units sold REQUIRED: 23500 1. Prepare summary entries under backflush costing for the month of February assuming the the raw materials had additional costs as follows: Price variance 69 2,500 U Efficiency variance $ 3,500 U 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. Maple Products Ltd. produces hockey sticks. Data for the month of February for production of their top model, the Canadian Pro D-Lux is given below. The company uses JIT production and backflush costing with three trigger points for entries in the accounting system. Production data for February: Std Cost/unit Direct materials: $20 Conversion costs: $25 Raw materials purchased $505,000 Conversion costs $615,000 25000 Units of output Units sold REQUIRED: 23500 1. Prepare summary entries under backflush costing for the month of February assuming the the raw materials had additional costs as follows: Price variance 69 2,500 U Efficiency variance $ 3,500 U 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.