3.Lean Accounting

Vintage Audio Inc. manufactures audio speakers. Each speaker requires $100 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period:

Speaker assembly cell, estimated costs:
Labor	$51,810
Depreciation	6,950
Supplies	2,530
Power	1,890
Total cell costs for the period	$63,180

The operating plan calls for 135 operating hours for the period. Each speaker requires 10 minutes of cell process time. The unit selling price for each speaker is $271. During the period, the following transactions occurred:

1. Purchased materials to produce 580 speaker units.
2. Applied conversion costs to production of 550 speaker units.
3. Completed and transferred 530 speaker units to finished goods.
4. Sold 505 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.

1.	Raw and In Process Inventory
	Accounts Payable
2.	Raw and In Process Inventory
	Conversion Costs
3.	Finished Goods Inventory
	Raw and In Process Inventory
4. Sale	Accounts Receivable
	Sales
4. Cost	Cost of Goods Sold
	Finished Goods Inventory