Grand Prix Displays Inc. manufactures and assembles automobile instrument panels for both Yokohama Motors and Detroit Motors. The process consists of a lean product cell for each customer's instrument assembly. The data that follow concern only the Yokohama lean cell. For the year, Grand Prix Displays Inc. budgeted the following costs for the Yokohama production cell: Conversion Cost Categories Budget 758,000.00 Labor 3 Supplies 45,000.00 Utilities 29,000.00 Total $832,000.00 Grand Prix Displays Inc. plans 2,600 hours of production tor the Yokohama cell tor the year. The materials cost is $150 per instrument assembly. Each assembly requires 15 minutes of cell assembly time. There was no November 1 inventory either Raw and In Process Inventory or Finished Goods Inventory The following summary events took place in the Yokohama cell during November Nov 4 Electronic parts and wiring were purchased to produce 8,800 instrument assemblies in November. 6 Conversion costs were applied for the production of 8,600 units in November 24 8,400 units were started, completed, and transferred to finished goods in November 29 8,340 units were shipped to customers at a price of S420 per unit. Required: . Determine the budgeted cell conversion cost per hour. 2. Determine the budgeted cel conversion cost per unit. Round your answer to the nearest whole dollar 3. Journalize the summary transactions for November. Refer to the Chart of Accounts for exact wording of account tinles. 4. Determine the ending balance in Raw and in Process Inventory and Finished Goods Inventory. 5. How does the accounting in a lean environment differ from traditional accounting? Chart of Accounts CHART OF ACCOUNTS Grand Prix Displays Inc. General Ledger ASSETS REVENUE 410 Sales 110 Cash 120 Accounts Receivable EXPENSES 125 Notes Receivable 510 Cost of Goods Sold 140 Ofmice Supplies 511 Conversion Costs 141 Store Supplies 521 Advertising Expense 142 Prepaid Insurance 523 Depreciation Expense-Equipment 150 Raw and In Process Inventory 526 Salaries Expense 151 Finished Goods Inventory 531 Rent Expense 180 Land 533 Insurance Expense 190 Equipment 534 Store Supplies Expense 191 Accumulated Depreciation-Equipment 535 Office Supplies Expense 536 Credit Card Expense 210 Accounts Payable 539 Miscellaneous Expense 216 Salaries Payable 710 Interest Expense 218 Sales Tax Payable 219 Customers Refunds Payable 221 Notes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 34 Income Summary Starting Questions Shaded cells have feedba 1. Determine the budgeted cell conversion cost per hou per hour R Points: 01 Feedback 2. Determine the budgeted cell conversion cost per unit. Round your answer to the nearest whole doliar. 2. Determine the budgeted cell conversion cost per unit. Round your answer to the nearest whole dowar per unit Points: 0/1 Feedback Journal Shaded cells have feedback 3. Joumalize the summary transactions for November. Refer to the Chart of Accounts for exact wording of account es. Question not attempted. PAGE 10 JOURNAL Score: 0/126 POST, REF DATE DEBIT CREDIT 10 0/25 Points: Feedback Final Questions Shaded cells have feedback 4. Determine the ending balance in Raw and In Process Inventory and Finished Goods Inventory Raw and In Process Inventory Finished Goods Inventory Points: 0/2 Feedback 5. How does the accounting in a lean environment differ from traditional accounting? Lean accounting is different from traditional accounting because it is more_simplified and uses minimalcontrol Points: 212
