Lean Accounting Vintage Audio Inc. manufactures audio speakers. Each speaker requires $111 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period: Speaker assembly cell, estimated costs: Labor $67,770 Depreciation 9,090 Supplies 3,310 Power 2,480 Total cell costs for $82,650 the period The operating plan calls for 190 operating hours for the period. Each speaker requires 12 minutes of cell process time. The unit selling price for each speaker is $301. During the period, the following transactions occurred: 1. Purchased materials to produce 425 speaker units. 2. Applied conversion costs to production of 405 speaker units. 3. Completed and transferred 385 speaker units to finished goods. 4. Sold 370 speaker units. There were no inventories at the beginning of the period. 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. Raw and In Process Inventory Accounts Payable Raw and In Process Inventory Conversion Costs 3. Finished Goods Inventory Raw and In Process Inventory 4. Sale Accounts Receivable Sales 4. Cost Cost of Goods Sold Finished Goods Inventory 2. Feedback Check My Work 1. Accounts Payable 2. Raw and In Process Inventory Conversion Costs 3. Finished Goods Inventory Raw and In Process Inventory 4. Sale Accounts Receivable Sales 4. Cost Cost of Goods Sold Finished Goods Inventory v Feedback Check My Work a. In lean manufacturing, there are fewer transactions to record, thus simplifying the accounting system. Som combined. For example, all in-process work is combined with raw materials to form a new account, Raw and I Inventory and direct labor is also combined with other costs to form a new account titled Conversion Costs. In directly assigned to product cells; thus, less factory overhead is allocated to products. The cell conversion rate predetermined factory overhead rate, except that 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 Feedback Check My Work b. Set up a T-account for Raw and In Process Inventory and Finished Goods Inventory and post your entries fre obtain the balances. Feedback Check My Work Partially correct