Lean Accounting

Power Audio Inc. manufactures audio speakers. Each speaker requires $$123$ per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period:

Speaker assembly cell, estimated costs:

The operating plan calls for $150$ operating hours for the period. Each speaker requires $12$ minutes of cell process time. The unit selling price for each speaker is $$333.$ During the period, the following transactions occurred:

Purchased materials to produce $495$ speaker units.

Applied conversion costs to production of $470$ speaker units.

Completed and transferred $450$ speaker units to finished goods.

Sold $430$ speaker units.

There were no inventories at the beginning of the period.

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,

Accounts Payable

Conversion Costs

Raw and In Process Inventory

Sale Accounts Receivable

Sales

$$

$$

Cost Cost of Goods Sold

Finished Goods Inventory

b$.$ Determine the ending balance of raw and in process inventory and finished goods inventory.

Raw and In Process Inventory, ending balance

Finished Goods Inventory, ending balance: