Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help with this question. Lean Accounting Westgate Inc. uses a lean manufacturing strategy to manufacture DVR (digital video recorder) players. The company manufactures DVR

image text in transcribed

Need help with this question.

image text in transcribedimage text in transcribed
Lean Accounting Westgate Inc. uses a lean manufacturing strategy to manufacture DVR (digital video recorder) players. The company manufactures DVR players through a single product cell. The budgeted conversion cost for the year is $752,400 for 2,090 production hours. Each unit requires 12 minutes of cell process time. During March, 880 DVR players were manufactured in the cell. The materials cost per unit is $76. The following summary transactions took place during March: 1. Materials were purchased for March production. 2. Conversion costs were applied to production. 3. 880 DVR players were assembled and placed in finished goods. 4. 840 DVR players were sold for $262 per unit. a. Determine the budgeted cell conversion cost per hour. If required, round to the nearest dollar. per hour b. Determine the budgeted cell conversion cost per unit. If required, round to the nearest dollar. $ per unit Feedback Check My Work a. Budgeted conversion cost : Planned hours of production = Cell Conversion cost per hour b. (Cell process time + 60 minutes) x Conversion rate from Req. (a) = Cell Conversion cost per unitc. Journalize the summary transactions (1)-(4) for March. If an amount box does not require an entry, leave it blank. 1. Raw and In Process Inventory v Accounts Payable v 2. Raw and In Process Inventory v Conversion Costs v 3. Finished Goods Inventory Raw and In Process Inventory v 4. Sale Accounts Receivable v 00 00 00 Sales v 4. Cost Cost of Goods Sold v 00 Finished Goods Inventory v

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Government and Not-for-Profit Accounting Concepts and Practices

Authors: Michael H. Granof, Saleha B. Khumawala, Thad D. Calabrese, Daniel L. Smith

8th edition

1119495814, 1119495857, 1119495819, 9781119495819 , 978-1119495857

More Books

Students also viewed these Accounting questions

Question

1. Information that is currently accessible (recognition).

Answered: 1 week ago