Lean Accounting

Vintage 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:
Labor	$40,150
Depreciation	5,390
Supplies	1,960
Power	1,460
Total cell costs for the period	$48,960

The operating plan calls for 170 operating hours for the period. Each speaker requires 20 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 535 speaker units.

Applied conversion costs to production of 510 speaker units.

Completed and transferred 485 speaker units to finished goods.

Sold 465 speaker units.

There were no inventories at the beginning of the period.

Question Content Area

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.

1.	Accounts PayableConversion CostsCost of Goods SoldFinished Goods InventoryRaw and In Process InventoryRaw and In Process Inventory	Raw and In Process Inventory	Raw and In Process Inventory
	Accounts PayableConversion CostsCost of Goods SoldFinished Goods InventoryRaw and In Process InventoryAccounts Payable	Accounts Payable	Accounts Payable
2.	Accounts PayableConversion CostsCost of Goods SoldFinished Goods InventoryRaw and In Process InventoryRaw and In Process Inventory	Raw and In Process Inventory	Raw and In Process Inventory
	Accounts PayableConversion CostsCost of Goods SoldFinished Goods InventoryRaw and In Process InventoryConversion Costs	Conversion Costs	Conversion Costs
3.	Accounts PayableConversion CostsCost of Goods SoldFinished Goods InventoryRaw and In Process InventoryFinished Goods Inventory	Finished Goods Inventory	Finished Goods Inventory
	Accounts PayableConversion CostsCost of Goods SoldFinished Goods InventoryRaw and In Process InventoryRaw and In Process Inventory	Raw and In Process Inventory	Raw and In Process Inventory
4. Sale	Accounts ReceivableConversion CostsCost of Goods SoldFinished Goods InventorySalesAccounts Receivable	Accounts Receivable	Accounts Receivable
	Accounts ReceivableConversion CostsCost of Goods SoldFinished Goods InventorySalesSales	Sales	Sales
4. Cost	Accounts ReceivableConversion CostsCost of Goods SoldFinished Goods InventorySalesCost of Goods Sold	Cost of Goods Sold	Cost of Goods Sold
	Accounts ReceivableConversion CostsCost of Goods SoldFinished Goods InventorySalesFinished Goods Inventory	Finished Goods Inventory	Finished Goods Inventory

Question Content Area

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

Raw and In Process Inventory, ending balance	$fill in the blank f45720f12011f85_1
Finished Goods Inventory, ending balance	$fill in the blank f45720f12011f85_2