Lean Accounting

Modern Lighting Inc. manufactures lighting fixtures, using lean manufacturing methods. Style Omega has a materials cost per unit of $31. The budgeted conversion cost for the year is $165,600 for 2,400 production hours. A unit of Style Omega requires 20 minutes of cell production time. The following transactions took place during June:

1. Materials were acquired to assemble 930 Style Omega units for June.
2. Conversion costs were applied to 930 Style Omega units of production.
3. 860 units of Style Omega were completed in June.
4. 810 units of Style Omega were sold in June for $110 per unit.

a. Determine the budgeted cell conversion cost per hour. If required, round to the nearest cent. $fill in the blank 7b227ffecff5025_1 per hour

b. Determine the budgeted cell conversion cost per unit. If required, round to the nearest cent. $fill in the blank 7b227ffecff5025_2 per unit

c. Journalize the summary transactions (1)(4) for June. If required, round your answers to one decimal place. If an amount box does not require an entry, leave it blank.

1.	Raw and In Process Inventory
	Accounts Payable
2.	Raw and In Process Inventory
	Conversion Costs
3.	Finished Goods Inventory
	Raw and In Process Inventory
4. Sale	Accounts Receivable
	Sales
4. Cost	Cost of Goods Sold
	Finished Goods Inventory