Homework Answers
| 1) Use lean accounting to prepare the journal entry to record the purchase on credit of $28,000 of raw materials | ||
| General Journal | Debit | Credit |
| Raw and in process Inventory | $ 280,000.00 | |
| Accounts Payable | $ 280,000.00 | |
| Record the purchase of materials on credit | ||
| 2) | ||
| Manufacturing cycle time = Process time + Move time + Inspection time + Queue time | ||
| Manufacturing cycle time = 15 + 2 + 6.4 + 36.6 | 60.00 | Minutes |
| Manufacturing Cycle Efficiency = Process Time/Manufacturing cycle time | ||
| Manufacturing Cycle Efficiency = 15/60 | 25.00% | |
| 3) | ||
| Conversion Cost Rate = 1207500/2100 hours | $ 575.00 | per hour |
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1. Use lean accounting to prepare the journal entry to record the purchase on credit of...
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