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Robo-Lawn is a lean manufacturer of robotic lawn mowers. Each mower requires $440 of raw materials. Estimated conversion costs to produce 2,100 units in the
Robo-Lawn is a lean manufacturer of robotic lawn mowers. Each mower requires $440 of raw materials. Estimated conversion costs to produce 2,100 units in the next year are $735,000. During a recent quarter the company produced 790 mowers and sold 770 mowers. Each mower is sold for $1,190. Required 1. Compute the conversion cost rate per mower. 2. Prepare journal entries to record (a) purchase of raw materials on credit, (b) applied conversion costs to production, (c) sale of mowers on credit, and (d) cost of goods sold and finished goods inventory. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the conversion cost rate per mower. Conversion cost rate per mower Required 1 Required 2 Prepare journal entries to record (a) purchase of raw materials on credit, (b) applied conversion costs to production, (c) sale of mowers on credit, and (d) cost of goods sold and finished goods inventory. View transaction list Journal entry worksheet 1 2 3 > Record the purchase of raw materials on credit. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 Record the applied conversion costs to production. Note: Enter debits before credits. General Journal Debit Credit Transaction b. Record entry Clear entry View general journal Record the sale of mowers on credit. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Record entry Clear entry View general journal Journal entry worksheet Record the cost of goods sold and finished goods inventory. Note: Enter debits before credits. General Journal Debit Credit Transaction d. Record entry Clear entry View general journal
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