Question

Chapter 12 - Homework eBook Show Me How Calculator Print Item Lean Accounting Vintage Audio Inc. manufactures audio speakers. Each speaker requires $115 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period: Speaker assembly cell, estimated costs: Labor $50,180 Depreciation 6,730 Supplies 2,450 Power 1,840 Total cell costs for the period $61,200 The operating plan calls for 170 operating hours for the period. Each speaker requires 15 minutes of cell process time. The unit selling price for each speaker is $312. During the period, the following transactions occurred: 1. Purchased materials to produce 415 speaker units. 2. Applied conversion costs to production of 395 speaker units. 3. Completed and transferred 380 speaker units to finished goods. 4. Sold 360 speaker units. There were no inventories at the beginning of the period. a. Journalize the summary transactions (1)-(4) for the period. Do not round interim calculations. Check My Work 5 more Check My Work uses remaining. < Previous Next Assignment Score: 28.57% All work saved. Save and Exit Submit Assignment for Grading

Answer 1

Budgeted cell conversion cost per hour	360	per hour	=61200/170
Budgeted cell conversion cost per unit	90.00	per unit	=360*(15/60)
a
Raw and in process inventory	47725		=415*115
Accounts Payable		47725
Raw and in process inventory	35550		=395*90
Conversion costs		35550
Finished goods inventory	77900		=380*(115+90)
Raw and in process inventory		77900
Accounts Receivable	112320		=360*312
Sales		112320
Cost of goods sold	73800		=360*(115+90)
Finished goods inventory		73800
b
Raw and In process Inventory, ending balance	5375		=47725+35550-77900
Finished goods Inventory, ending balance	4100		=77900-73800