Lean Accounting Vintage Audio Inc. manufactures audio speakers. Each speaker requires $104 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period: Speaker assembly cell, estimated costs: Labor $51,480 Depreciation 6,910 Supplies 2,510 Power 1,875 Total cell costs for the period $62,775 The operating plan calls for 155 operating hours for the period. Each speaker requires 12 minutes of cell process time. The unit selling price for each speaker is $281. During the period, the following transactions occurred: 1. Purchased materials to produce 520 speaker units. 2. Applied conversion costs to production of 495 speaker units. 3. Completed and transferred 475 speaker units to finished goods. 4. Sold 450 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 X Accounts Payable II II 2. Raw and In Process Inventory Conversion Costs 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 X 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 Feedback 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