Lean Accounting

Com-Tel Inc. manufactures and assembles two models of smartphonesthe 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		$213,800
Supplies		81,000
Utilities		29,200
Total		$324,000

Com-Tel plans 3,600 hours of production for the Lion Model cell for the year. The materials cost is $77 per unit. Each assembly requires 18 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:

1. Electronic parts were purchased to produce 12,250 Lion Model assemblies in May.
2. Conversion costs were applied for 11,650 units of production in May.
3. 11,420 units were completed and transferred to finished goods in May.
4. 11,080 units were shipped to customers at a price of $360 per unit.

If required, round your answers to the nearest cent.

Required:

1. Determine the budgeted cell conversion cost per hour. $fill in the blank d74825036fd9f8d_1 per hour

2. Determine the budgeted cell conversion cost per unit. $fill in the blank d74825036fd9f8d_2 per unit

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

a.	Raw and In Process Inventory	fill in the blank bb6a62fddff901e_2	fill in the blank bb6a62fddff901e_3
	Accounts Payable	fill in the blank bb6a62fddff901e_5	fill in the blank bb6a62fddff901e_6
b.	Raw and In Process Inventory	fill in the blank bb6a62fddff901e_8	fill in the blank bb6a62fddff901e_9
	Conversion Costs	fill in the blank bb6a62fddff901e_11	fill in the blank bb6a62fddff901e_12
3.	Finished Goods Inventory	fill in the blank bb6a62fddff901e_14	fill in the blank bb6a62fddff901e_15
	Raw and In Process Inventory	fill in the blank bb6a62fddff901e_17	fill in the blank bb6a62fddff901e_18
4. Sale	Accounts Receivable	fill in the blank bb6a62fddff901e_20	fill in the blank bb6a62fddff901e_21
	Sales	fill in the blank bb6a62fddff901e_23	fill in the blank bb6a62fddff901e_24
4. Cost	Cost of Goods Sold	fill in the blank bb6a62fddff901e_26	fill in the blank bb6a62fddff901e_27
	Finished Goods Inventory	fill in the blank bb6a62fddff901e_29	fill in the blank bb6a62fddff901e_30

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

Raw and In Process Inventory	$fill in the blank 3dec00f93fe4f9b_1
Finished Goods Inventory	$fill in the blank 3dec00f93fe4f9b_2