Question

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 $51 per unit. Each assembly requires 15 minutes of cell assembly time. There was no May 1 inventory for either Raw and In Process Inventory or Finished Goods Inventory The following summary events took place in the Lion Model cell during May: a. Electronic parts were purchased to produce 5,450 Lion Model assemblies in May. b. Conversion costs were applied for 5,200 units of production in May. c. 5,100 units were completed and transferred to finished goods in May. d. 4,950 units were shipped to customers at a price of $240 per unit. If required, round your answers to the nearest cent. Required: 1. Determine the budgeted cell conversion cost per hour per hour 2. Determine the budgeted cell conversion cost per unit per unit 3. Journalize the summary transactions (a) through (d). b. d. Sale The following summary events took place in the on Model cell during May: a. Electronic parts were purchased to produce 5,450 Lion Model assemblies in May b. Conversion costs were applied for 5,200 units of production in May c. 5,100 units were completed and transferred to finished goods in May. d. 4,950 units were shipped to customers at a price of $240 per unit. If required, round your answers to the nearest cent. Required: 1. Determine the budgeted cell conversion cost per hour hour per 2. Determine the budgeted cell conversion cost per unit. per unit 3. Journalize the summary transactions (a) through (d). b. d. Sale d. Cost 4. Determine the ending balance in Raw and In Process Inventory and Finished Goods Inventory. Raw and In Process Inventory Finished Goods Inventory 5. Lean accounting is different from traditional accounting because it is more and uses In many lean control. As a result, the number of transactions are operations, purchased materials are charged to a Often, nonfinancial performance measures, such as Direct labor is frequently are used to monitor performance.

Answer 1

age , No C 450265 + 5200-5100) x 66 9350 eto 100 50 X 66 9900 9900 inven