Question
Vintage Audio Inc. manufactures audio speakers. Each speaker requires $108 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs
Vintage Audio Inc. manufactures audio speakers. Each speaker requires $108 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period:
Speaker assembly cell, estimated costs: | ||
Labor | $58,550 | |
Depreciation | 7,850 | |
Supplies | 2,860 | |
Power | 2,140 | |
Total cell costs for the period | $71,400 |
The operating plan calls for 170 operating hours for the period. Each speaker requires 12 minutes of cell process time. The unit selling price for each speaker is $292. During the period, the following transactions occurred:
- Purchased materials to produce 380 speaker units.
- Applied conversion costs to production of 360 speaker units.
- Completed and transferred 345 speaker units to finished goods.
- Sold 330 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. | Accounts PayableConversion CostsCost of Goods SoldFinished Goods InventoryRaw and In Process Inventory | - Select - | - Select - |
Accounts PayableConversion CostsCost of Goods SoldFinished Goods InventoryRaw and In Process Inventory | - Select - | - Select - | |
2. | Accounts PayableConversion CostsCost of Goods SoldFinished Goods InventoryRaw and In Process Inventory | - Select - | - Select - |
Accounts PayableConversion CostsCost of Goods SoldFinished Goods InventoryRaw and In Process Inventory | - Select - | - Select - | |
3. | Accounts PayableConversion CostsCost of Goods SoldFinished Goods InventoryRaw and In Process Inventory | - Select - | - Select - |
Accounts PayableConversion CostsCost of Goods SoldFinished Goods InventoryRaw and In Process Inventory | - Select - | - Select - | |
4. Sale | Accounts ReceivableConversion CostsCost of Goods SoldFinished Goods InventorySales | - Select - | - Select - |
Accounts ReceivableConversion CostsCost of Goods SoldFinished Goods InventorySales | - Select - | - Select - | |
4. Cost | Accounts ReceivableConversion CostsCost of Goods SoldFinished Goods InventorySales | - Select - | - Select - |
Accounts ReceivableConversion CostsCost of Goods SoldFinished Goods InventorySales | - Select - | - Select - |
b. Determine the ending balance of raw and in process inventory and finished goods inventory.
Raw and In Process Inventory, ending balance | $fill in the blank cbeb16fa6018fd2_1 |
Finished Goods Inventory, ending balance | $fill in the blank cbeb16fa6018fd2_2 |
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