Budgeted cell conversion cost per hour | 31.50 | per hour | =94500/3000 |
Budgeted cell conversion cost per unit | 10.50 | per unit | =31.5*(20/60) |
a | |||
Raw and in process inventory | 66150 | =1470*45 | |
Accounts Payable | 66150 | ||
b | |||
Raw and in process inventory | 14700 | =1400*10.50 | |
Conversion costs | 14700 | ||
c | |||
Finished goods inventory | 73815 | =1330*(45+10.50) | |
Raw and in process inventory | 73815 |
Lean Accounting The annual budgeted conversion costs for a lean cell are $94,500 for 3,000 production...
The annual budgeted conversion costs for a lean cell are $144,000 for 1,800 production hours. Each unit produced by the cell requires 9 minutes of cell process time. During the month, 1,000 units are manufactured in the cell. The estimated materials costs are $65 per unit. Provide the following journal entries: a. Materials are purchased to produce 1,050 units. b. Conversion costs are applied to 1,000 units of production. c. 980 units are completed and placed into finished goods.
The annual budgeted conversion costs for a lean cell are $110,700 for 2,700 production hours. Each unit produced by the cell requires 18 minutes of cell process time. During the month, 1,170 units are manufactured in the cell. The estimated materials cost is $65 per unit. Provide the following journal entries: a. Materials are purchased to produce 1,230 units. b. Conversion costs are applied to 1,170 units of production. c. 1,110 units are completed and placed into finished goods.
The annual budgeted conversion costs for a lean cell are $563,200 for 1,600 production hours. Each unit produced by the cell requires 15 minutes of cell process time. During the month, 645 units are manufactured in the cell. The estimated materials costs are $140 per unit. Provide the following journal entries for March 31. Refer to the Chart of Accounts for exact wording of account titles. A. Materials are purchased to produce 720 units. B. Conversion costs are applied to...
Lean Accounting Com-Tel Inc. manufactures and assembles two models of smartphones-the Tiger Model and the Lion Model. The process consists of a lean cell for each product. The data that follow concern only the Lion Model lean cell. For the year, Com-Tel Inc. budgeted these costs for the Lion Model production cell: Conversion Cost Categories Budget $63,400 24,000 8,600 $96,000 Utilities Total Com-Tel plans 1,600 hours of production for the Lion Model cell for the year. The materials cost is...
Lean Accounting Modern Lighting Inc. manufactures lighting fixtures, using lean manufacturing methods. Style Omega has a materials cost per unit of $34. The budgeted conversion cost for the year is $172,800 for 3,200 production hours. A unit of Style Omega requires 12 minutes of cell production time. The following transactions took place during June: Materials were acquired to assemble 770 Style Omega units for June. Conversion costs were applied to 770 Style Omega units of production. 720 units of Style...
Lean Accounting (Requirement 3 at the bottom!) Com-Tel Inc. manufactures and assembles two models of smartphones—the Tiger Model and the Lion Model. The process consists of a lean cell for each product. The data that follow concern only the Lion Model lean cell. For the year, Com-Tel Inc. budgeted these costs for the Lion Model production cell: Conversion Cost Categories Budget Labor $139,400 Supplies 52,800 Utilities 19,000 Total $211,200 Com-Tel plans 3,200 hours of production for the Lion Model cell...
Lean Accounting Com-Tel Inc. manufactures and assembles two models of smartphones-the Tiger Model and the Lion Model. The process consists of a lean cell for each product. The data that follow concern only the Lion Model lean cell. For the year, Com-Tel Inc. budgeted these costs for the Lion Model production cell: Conversion Cost Categories Budget Labor $69,700 Supplies 26,400 Utilities 9,500 Total $105,600 Com-Tel plans 1,600 hours of production for the Lion Model cell for the year. The materials...
Lean Accounting Com-Tel Inc. manufactures and assembles two models of smartphones-the Tiger Model and the Lion Model. The process consists of a lean cell for each product. The data that follow concern only the Lion Model lean cell. For the year, Com-Tel Inc. budgeted these costs for the Lion Model production cell: Conversion Cost Categories Budget Labor $63,400 Supplies 24,000 Utilities 8,600 Total $96,000 Com-Tel plans 2,000 hours of production for the Lion Model cell for the year. The materials...
For #3, the Labels are: Accounts Payable, Accounts Receivable, Conversion Costs, Cost of Goods Sold, Finished Goods Inventory, Raw and In-Process Inventory, Raw Materials, Fixed Assets, Sales, Sales Returns and Allowances. Lean Accounting Dashboard Inc. manufactures and assembles automobile instrument panels for both eCar Motors and Greenville Motors. The process consists of a lean product cell fo each customer's instrument assembly. The data that follow concern only the eCar lean cell. For the year, Dashboard Inc. budgeted the following costs...
Lean Accounting Westgate Inc. uses a lean manufacturing strategy to manufacture DVR (digital video recorder) players. The company manufactures DVR players through a single product cell. The budgeted conversion cost for the year is $729,300 for 1,870 production hours. Each unit requires 20 minutes of cell process time. During March, 950 DVR players were manufactured in the cell. The materials cost per unit is $62. The following summary transactions took place during March: Materials were purchased for March production. Conversion...