Lean Accounting Speaker assembly cell, estimated rnsts: 1. Purchased materials to produce 2,000 speaker units. 2. Applied conversion costs to production of 1,800 speaker units. 3. Completed and transferred 1,800 speaker units to finished goods. 4. Sold 1,600 speaker units. There were no inventories at the beginning of the period. a. Journalize the summary transactions (1)-(4) for the period. If an amount box does not require an entry, leave it blank. Feedback . Check My Work overhead rate, except that it includes all conversion costs in the numerator. b. Determine the ending balance of Raw and In Process Inventory and Finished Goods Inventory. Raw and In Process Inventory, ending balance 4 Check My Work a. In lean manufacturing, there are fewer transactions to record, thus simplifying the accounting system. Some accounts are combined. For example, all in-proces Inventory and direct labor is also combined with other costs to form a new account titled Conversion Costs. Indirect labor is directly assigned to product cells; thu predetermined factory overhead rate, except that it includes all conversion costs in the numerator. 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 $ x Feedback , Check My Work b. Set up a T-account for Raw and In Process Inventory and Finished Goods Inventory and post your entries from Req. (a) to obtain the balances