50.1K

Verified Solution

Link Copied!

Lean Accounting Vintage Audio Tec, manufactures audio speakers. Each speaker requires $96 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period: Speaker assembly cell, estimated costs: Labor $43,050 Depreciation 5,780 Supplies 2,100 Power 1,570 Total cell costs for the period $52,500 The operating plan calls for 175 operating hours for the period. Each speaker requires 15 minutes of cell process time. The unit selling price for each speaker is $260 During the period, the following transactions occurred: 1. Purchased materials to produce 565 speaker units 2. Applied conversion costs to production of 535 speaker units. 3. Completed and transferred 515 speaker units to finished goods 4. Sold 490 speaker units. There were no inventories at the beginning of the period. a. Journalize the summary transactions (1)-(4) for the period. Round the per unit cost to the nearest cent and use in subsequent computations. If an amount box does not require an entry, leave it blank 1 Raw and In Process Inventory 54.100 Accounts Payable 54.240 Il 2 Raw and In Process Inventory III Conversion Costs TO a. Journalize the summary transactions (1)-(4) for the period. Round the per unit cost to the nearest cent and use in subsequent computations. If an amount box does not require an entry, leave it blank Raw and In Process Inventory 54.340 Accounts Payable 54.340 1. 2 Raw and In Process Inventory Conversion Costs 3 Finished Goods Inventory Raw and In Process Inventory II II II III 4. Sale Accounts Receivable Sales 4. Cost Cost of Goods Sold Finished Goods Inventory b. Determine the ending balance of raw and in process inventory and finished goods inventory Raw and In Process Inventory, ending balance Finished Goods Inventory, ending balance

Answer & Explanation Solved by verified expert

See Answer