Lean Accounting

Vintage Audio Inc. manufactures audio speakers. Each speaker requires $92 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period:

Speaker assembly cell, estimated costs:
Labor	$54,610
Depreciation	7,330
Supplies	2,660
Power	2,000
Total cell costs for the period	$66,600

The operating plan calls for 185 operating hours for the period. Each speaker requires 12 minutes of cell process time. The unit selling price for each speaker is $249. During the period, the following transactions occurred:

1. Purchased materials to produce 695 speaker units.
2. Applied conversion costs to production of 660 speaker units.
3. Completed and transferred 630 speaker units to finished goods.
4. Sold 605 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
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