Lean Accounting

Vintage Audio Inc. manufactures audio speakers. Each speaker requires $119 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period:

Speaker assembly cell, estimated costs:
Labor	$59,480
Depreciation	7,980
Supplies	2,900
Power	2,180
Total cell costs for the period	$72,540

The operating plan calls for 195 operating hours for the period. Each speaker requires 15 minutes of cell process time. The unit selling price for each speaker is $322. During the period, the following transactions occurred:

1. Purchased materials to produce 350 speaker units.
2. Applied conversion costs to production of 335 speaker units.
3. Completed and transferred 320 speaker units to finished goods.
4. Sold 305 speaker units.

There were no inventories at the beginning of the period.

a. Journalize the summary transactions (1)-(4) for the period. Do not round interim calculations.

1.
2.
3.
4. Sale
4. Cost

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	$