Power 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:

Line Item Description Amount

Labor $$53,140$

Depreciation $7,130$

Supplies $2,590$

Power $1,940$

Total cell costs for the period $$64,800$

The operating plan calls for $180$ 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:

Purchased materials to produce $425$ speaker units.

Applied conversion costs to production of $405$ speaker units.

Completed and transferred $385$ speaker units to finished goods.

Sold $370$ speaker units.

There were no inventories at the beginning of the period.

Question Content Area

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.

TransactionAccountDebitCredit

$1.$

Raw and In Process Inventory

$39,100$

Accounts Payable

$39,100$

$2.$

Raw and In Process Inventory

$29,160$

Conversion Costs

$29,160$

$3.$

Finished Goods Inventory

Raw and In Process Inventory

$4.$ Sale

Accounts Receivable

$92,130$

Sales

$92,130$

$4.$ Cost

Cost of Goods Sold

$60,680$

Finished Goods Inventor

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