Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help with questions 1-4. ASAP Com-Tel Inc. manufactures and assembles two models of smartphones-the Tiger Model and the tion Model. The process consists of

Please help with questions 1-4. ASAP image text in transcribed
image text in transcribed
Com-Tel Inc. manufactures and assembles two models of smartphones-the Tiger Model and the tion Model. The process consists of a lean cell for each product. The data that follow concern only the Uon Model lean cell. For the year, Com-Tel Inc, budgeted these costs for the Lon Model production cell: Com-Tel plans 2,200 hours of production for the Lon Model cell for the year. The materials cost is $56 per unit. Each assembly requires 20 minutes of cell assembly time. There was no May 1 inventory for either Raw and In Processinveritory or Finished Goods inventory. The following summary events took place in the Lon Modef cell during May: a. Electronic parts were purchased to produce 7,500 Lon Model assemblies in May. b. Conversion costs were applied for 7,150 units of production in May. c. 7,010 units were completed and transferred to finished goods in May. d. 6,800 units were shipped to customers at a price of $264 per unit. If required, round your answers to the nearest cent. 1. Determine the budgeted cell conversion cost per hour. 5 per hour 2. Determine the budgeted cell conversion cost per unit. 5 per unit 3. Journalize the summary transactions (a) through (d). If an amount box does not require an entry, leave it blank. a1 b. 3. 4. Sale 4. Cost 4. Determine the ending balance in Raw and in Process Inventory and Finished Goods Inventory. Raw and In Process Inventory $ Finished Goods Inventory 5 5. Lean accounting is different from traditional accounting because it is more control. As a result, the number of transactions are . In many lean operations, purchased materials are charged to a is . Often, nonfinancial performance measures, such as , are used to monitor performance

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

Managerial Accounting Wileyplus Blackboard Student Package

Authors: Charles E. Davis, Elizabeth Davis

3rd Edition

1119342511, 978-1119342519

More Books

Students also viewed these Accounting questions