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Lean Accounting 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 loan cell. For the year, Com-Tel Inc. budgeted these costs for the Lion Model production cell: Com-fel plans 2,400 hours of production for the Lion Model cell for the year. The materiais cost is $41 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: a. Electronic parts were purchased to produce 8,150 Lion Model assemblies in May. b. Conversion costs were applied for 7,750 units of production in May. c. During May, 7,600 units were completed and transferred to finished goods. d. Of the 7,600 units completed, 7,370 units were shipped to customers at a price of $192 per unit. If required, round your answers to the nearest cent. Required: 1. Determine the hudoeted cell conversion const ner hour If required, round your answers to the nearest cent. Required: 1. Determine the budgeted cell conversion cost per hour. per hour 2. Determine the budgeted cell conversion cost per unit. per unit Fenobuck Check My Wak 1. Cell Conversion Cost Rate = Budgeted Conversion Cost Planned Hours of Production 2. Conversion Cost for Smartphone = Manufacturing Time Cell Conversion Cost Rate 3. Journalize the summary transactions (a) through (d). If an amount box does not require an entry, leave it blank. Check My Work 3. In lean manufacturing, there are fewer transactions to record, thus simplifying the accounting system. Some accounts are combined. For example, all in-process work is combined with raw materials to form a new account, Raw and In Process (RIP) Inventory and direct labor is also combined with other costs to form a new account titled Conversion Costs. Indirect labor is directly assigned to product cells; thus, less factory overhead is allocated * to products. The cell conversion rate is similar to a predetermined factory overhead rate, except that it includes al conversion costs in the numerator. 4. Determine the ending balance in Raw and In Process Inventory and Finished Goods Inventory. Raw and In Process Inventory: Finished Goods Inventory: 4. Determine the ending balance in Raw and In Process Inventory and Finished Goods Inventory. Raw and In Process Inventory: Finished Goods Inventory: 5. Lean accounting is different from traditional accounting because it is more and uses