Question: Rippel uses a JIT production system and backflush costing with two trigger points for making entries in the accounting system: Completion of finished goods Sale of finished goods They are allocated to the units sold at standard costs. Any under- or overallocated conversion costs are written off monthly to Cost of Goods Sold. Rippel's August standard cost per meter is direct material. $30, and conversion cost. $15. Rippel has no direct materials variances. Item Direct materials purchased Conversion costs incurred Item Number of finished units manufactured $590,000 Number of finished units sold Cost $786,000 Amount 30.000 25,000 Beginning balance of direct materials $20,000 Required 1. Prepare summary journal entries for August, including the disposition of under- or overallocated conversion costs. Assume no direct materials variances. 2. Post the entries in requirement 1 to T-accounts.