Question

Instructions Dashboard Inc, manufactures and assembles automobile instrumentpanels for both eCar Motors and Greenvile Motors. The process consists of a loan pro Instrument assembly. The data that follow concern only the Car loan coll. For the year, Dashboard Inc. budgeted the following costs for the Car production cell: Conversion Cost Categories Labor Budget $464,000.00 44,000.00 32,000.00 3 Supplies • Utilities $540,000.00 Dashboard Inc. plans 2,000 hours of production for the eCar cell for the year. The materials cost is $140 per instrument assembly. Each assembly requires There was no April 1 inventory for either Raw and In Process Inventory or Finished Goods Inventory The following summary events took place in the eCar cell during April: a. Electronic parts and wiring were purchased to produce 9,400 Instrument assemblies in April. Check My Work

I just upload the more clear picture of the question. that's is all information has been given

Answer 1

1 Compute the budgeted cell conversion cost per hour as shown below: Total budgeted conversion costs Number of production hours planned Budgeted cell conversion cost per hour $540,000 2,000 hours $270 Thus, the budgeted cell conversion cost per hour is $270 2. Compute the budgeted cell conversion cost per unit as shown below: Total budgeted conversion costs Number of units planned for production Budgeted cell conversion cost per unit $540,000 8,000 units $68 Thus, the budgeted cell conversion cost per unit is $68.

Note: Determine the number of units planned for production as shown below: Total planned minutes Assembly time required per unit (in minutes) Number of units planned Total planned hours x 60 minutes 15 minutes 2,000 hours x 60 mimutes 15 minutes 120,000 minutes 15 minutes 8,000 units

3. Record the journal entries for the transactions as shown below: JOURNAL DESCRIPTION POST REF. DATE DEBIT CREDIT Raw and In Process Inventory Accounts Payable [9.400 units x $140 per unit] (To record the purchase of raw materials on account) Raw and In Process Inventory Conversion Costs [9.200 units x $68 per unit] (To record the application of comversion costs) Finished Goods Inventory Raw and In Process Inventory [9.000 units x ($140+ $68) per unit] (To record the transfer of finished goods from work in S1.316.000 (a) $1,316.000 $625.600 (b) $625.600 (c) $1,872.000 $1.872,000 process inventory) Accounts Receivable Sales [8.940 unitsx $500 per unit] (To record the shipping of units to customers) $4,470,000 (d) $4.470,000 Cost of Goods Sold Finished Goods Inventory [8.940 units x ($140+$68) per unit] (To record the cost of units shipped to customers) $1,859,520 $1,859,520

4. Compute the ending balances of Raw and In Process Inventory and Finished Goods Inventory as shown below: Materials Purchases Add: Application of Conversion Costs Total Less: Issuance to Finished Goods Balance in Raw and In Process Inventory $1,316,000 $625.600 $1.941.600 $1.872.000 $69,600 Received from Raw and In Process Inventory Less: Cost of units sold Balance in Finished Goods Inventory $1,872.000 $1.859.520 $12,480 Thus, the ending balance of Raw and In Process Inventory is $69,600 and Finished Goods Inventory is $12,480