Com$-$Tel Inc. manufactures and assembles two models of smartphones$$the Tiger Model and the Lion Model. The process consists of a lean cell for each product. The data that follow concern only the Lion Model lean cell.

For the year, Com$-$Tel Inc. budgeted these costs for the Lion Model production cell:

Conversion Cost Categories Budget

Labor $$123,600$

Supplies $46,800$

Utilities $16,800$

Total $$187,200$

Com$-$Tel plans $2,600$ hours of production for the Lion Model cell for the year. The materials cost is $$61$ per unit. Each assembly requires $24$ minutes of cell assembly time. There was no May $1$ inventory for either Raw and In Process Inventory or Finished Goods Inventory.

The following summary events took place in the Lion Model cell during May:

Electronic parts were purchased to produce $8,850$ Lion Model assemblies in May.

Conversion costs were applied for $8,400$ units of production in May.

$8,230$ units were completed and transferred to finished goods in May.

$7,980$ units were shipped to customers at a price of $$288$ per unit.

If required, round your answers to the nearest cent.

Required:

Question Content Area

$1.$ Determine the budgeted cell conversion cost per hour.

$fill in the blank bd$7$db$3$fc$3073$f$81\_1$

per hour

$2.$ Determine the budgeted cell conversion cost per unit.

$fill in the blank bd$7$db$3$fc$3073$f$81\_2$

per unit

Question Content Area

$3.$ Journalize the summary transactions $($a$)$ through $($d$).$ If an amount box does not require an entry, leave it blank.

a$.$

b$.$

$3.$

$4.$ Sale

$4.$ Cost

Question Content Area

$4.$ Determine the ending balance in Raw and In Process Inventory and Finished Goods Inventory.

Raw and In Process Inventory $fill in the blank fcbf$09$feb$078012\_1$

Finished Goods Inventory $fill in the blank fcbf$09$feb$078012\_2$

$5.$ Lean accounting is different from traditional accounting because it is more

and uses

control. As a result, the number of transactions are

$.$ In many lean operations, purchased materials are charged to a

$.$ Direct labor is

$.$ Often, nonfinancial performance measures, such as

$,$ are used to monitor performance.