Updal ebook Lean Accounting Comel Inc. manufactures and assembles two models of smartphones--the Tiger Model and the Lion Model. The process consists of a lean call for each product. The data that follow concem only the Lion Model leance For the year, Comel Inc, budgeted these costs for the Lion Model production cell Conversion Cost Categories Budget Labor 588,700 Supplies 33,600 Utilities 12,100 Total $134,400 Com-Telplans 2,800 hours of production for the Lion Model coll for the year. The materials cost is $41 par unt. Each assembly requires 15 minutes of cell assembly time. There was no May 1 invertory for either Rwand In Procesory or Finished Goods Inventory The following summary events took place in the Lion Model cell during May a. Electronic parts were purchased to produce 9,500 Lion Model assemblies in May. b. Conversion costs were applied for 9,050 units of production in May. C. 8,670 units were completed and transferred to finished goods in May d. 8,600 units were shipped to customers at a price of $192 per unit. If required, round your answers to the nearest cent. Required: 1. Determine the budgeted celotion cost per hour Der hour 2. Determine the budgeted cell conversion cost per unit. per unit 3. Journal the summary transactions (ay through (d). If an amount bak does not require an entry leave it blank Previous Check My Work All work saved miche Seven Set As for ak 2. Determine the budgeted cell conversion cost per unk. per un 3. Journalize the summary transactions (a) though(). If an amount box does not require an entry, leave it blank 4. Cost 4. Determine the ending balance and In Process inventory and Finished Goods Inventory Raw and In Process Invertory Finished Goods Inventory 5. Lean accounting is offerent from traditional accounting because it is more many lean operations, purchased materials are charged to a Direct laboris monitor performance. and uses control. As a result, the number of transactions are Often, ninancial performance measures, such as are to Net O MY W Save and all maltor Sant Amand for Grade All work