Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

8 Lean Accounting Modern Lighting Inc. manufactures lighting fixtures, using lean manufacturing methods. Style Omega has a materials cost per unit of $37. The budgeted

8

image text in transcribed

Lean Accounting Modern Lighting Inc. manufactures lighting fixtures, using lean manufacturing methods. Style Omega has a materials cost per unit of $37. The budgeted conversion cost for the year is $184,800 for 2,800 production hours. A unit of Style Omega requires 12 minutes of cell production time. The following transactions took place during June: 1. Materials were acquired to assemble 710 Style Omega units for June. 2. Conversion costs were applied to 710 Style Omega units of production. 3.660 units of Style Omega were completed in June. 4. 620 units of Style Omega were sold in June for $100 per unit. a. Determine the budgeted cell conversion cost per hour. If required, round to the nearest cent. per hour b. Determine the budgeted cell conversion cost per unit. If required, round to the nearest cent. $ per unit c. Journalize the summary transactions (1)-(4) for June. If required, round your answers to one decimal place. If an amount box does not require an entry, leave it blank. 101 II II III II II II II 00 4. Sale 4. Cost

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

2. Do the easy questions first.

Answered: 1 week ago