Les Accounting Com Telemuntactures and assembles two models of smartphones the Tiger Model and the Model The constance for each product the Follow concern only the Lion Modellence For the year. com-Tette budgeted these costs for the Lion Model production Conversion Cost Categories Hudget Labor $104,500 Supplies 39.600 Utilities 10.300 Total $158.400 Com Tel plans 2,400 hours of production for the Lon Modell for the year. The materials costs $5 Detachables 15 minutes only. The no May 1 inventory for either Raw and in proces inventory or shed Goods Inventory The following summary events took place in the Lion Model cell during May a. Electronic parts were purchased to produce 8.150 Lion Model assemblies in Mary. b. Conversion costs were applied for 7.750 units of production May c. 7.600 units were completed and transferred to finished poods in May. d: 9,370 units were shipped to customers at a price of $26 per unit If required, round your answers to the nearest cent Required: 1. Determine the budgeted cell conversion cost per hour, per hour 2. Determine the budgeted cell conversion cost peront 2. Conversion Cot for Smartphone - Manufacturing Time Cell Conversion Cost Rate 3. Journalce the summary transactions (a) through (d). If an amount box does not require an entry leave it bank Accounts Payable X Accounts Payable b Conversion Costs X Finished Goods Inventory II II II 3 -X Accounts Payable Cost of Conds Sold 4. Sale Sales Kost of Goods Sold X 4. Cost Cost of Goods Sold Il Sales Food tory overned located to products. The cell conversion rates mi to predetermined factory overhead rate, except that it includes convencosts in the numero 4. Determine the ending balance in Raw and In Process inventory and finished Goods Inventory Raw and In Process Inventory Finished Goods Inventory 5. Lean accounting is different from traditional accounting because is more simplified andes minimal control mult, the Humber of transactions reduced In many na operations purchased materials are changed to draw and in process inventory webes included as a conversion cost of the Ofe, non performance mesures, such as lead time or quality measures tem performance Check My W 4. Set up a Taccount for Raw and In Process Inventory and finished Goods Inventory and post your entries from her to the balances 5. Review the differences in characteristics of just in time IT) Accounting and traditional accounting. 5 Feediad TO