Lean Accounting

Vintage Audio Inc. manufactures audio speakers. Each speaker requires $$48$ per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period:

Speaker assembly cell, estimated costs:

Labor $$30,000$

Depreciation $12,000$

Supplies $6,000$

Power $2,000$

Total cell costs for the period $$50,000$

The operating plan calls for $800$ operating hours for the period. Each speaker requires $24$ minutes of cell process time. The unit selling price for each speaker is $$90.$ During the period, the following transactions occurred:

Purchased materials to produce $2,000$ speaker units.

Applied conversion costs to production of $1,800$ speaker units.

Completed and transferred $1,700$ speaker units to finished goods.

Sold $1,600$ 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. If an amount box does not require an entry, leave it blank.

$1.$

$2.$

$3.$

$4.$ Sale

$4.$ Cost

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 a$54910$f$6$afa$805$d$\_1$

Incorrect

Finished Goods Inventory, ending balance $fill in the blank a$54910$f$6$afa$805$d$\_2$

Feedback Area