Required information Problem 6-53 (Algo) Backflush Costing [LO 6-8] [The following information applies to the questions displayed below.] Blue Water Sails, Incorporated (BWS) manufactures sailcloth used by sailmakers that produce sails for sailboats. BWS's sailcloth is the conventional polyester-based sail material and is used widely in recreational boating. Sailmakers throughout the world use BWS's sailcloth. The manufacture of sailcloth has a small number of processes, and BWS integrates them carefully so that there is very little Work-in-Process Inventory. The product is measured in yards of cloth, which is prepared in rolls 42 inches wide. Because it has little Work-in-Process Inventory, BWS also uses backflush accounting to simplify the accounting for its operations, BWS has the following information for the most recent accounting period. The beginning inventory of polyester fiber was $38,640, and the ending inventory was $51,410. Polyester fiber purchased Conversion cost incurred Direct materials standard cost Conversion standard cost Units produced and sold $645,360 $ 1,312,850. $ 4.10 per yard of cloth $ 8.30 per yard of cloth 153,500 yards of cloth Part 1 (Algo) Required: 1. Show the entries for manufacturing costs incurred or applied, completion of 153,500 yards of product, and the closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)