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Lean Accounting

Power Audio Inc. 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:

Line Item Description	Amount
Labor	$71,960
Depreciation	9,650
Supplies	3,510
Power	2,630
Total cell costs for the period	$87,750

The operating plan calls for 195 operating hours for the period. Each speaker requires 10 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 540 speaker units.
2. Applied conversion costs to production of 515 speaker units.
3. Completed and transferred 490 speaker units to finished goods.
4. Sold 470 speaker units.

There were no inventories at the beginning of the period.

Question Content Area

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.

B. Determine the ending balance of raw and in process inventory and finished goods inventory. Raw and In Process Inventory, ending balance fill in the blank 1 of 2$ Finished Goods Inventory, ending balance fill in the blank 2 of 2$