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Lean Accounting Power Audio Inc. manufactures audio speakers. Each speaker requires $ 1 2 3 per unit of direct materials. The speaker manufacturing assembly cell
Lean Accounting
Power Audio Inc. manufactures audio speakers. Each speaker requires $ 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 operating hours for the period. Each speaker requires minutes of cell process time. The unit selling price for each speaker is $ During the period, the following transactions occurred:
Purchased materials to produce speaker units.
Applied conversion costs to production of speaker units.
Completed and transferred speaker units to finished goods.
Sold speaker units.
There were no inventories at the beginning of the period.
a Journalize the summary transactions 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:
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