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b. Determine the ending balance of raw and in process inventory and finished goods invent Raw and In Process Inventory, ending balance Finished Goods Inventory, ending balance $

b. Determine the ending balance of raw and in process inventory and finished goods invent Raw and In Process Inventory, ending balance Finished Goods Inventory, ending balance $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Lean Mfg: Vintage Audio Inc

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 $64,060 Depreciation 8,590 Supplies 3,120 Power 2,350 Total cell costs for the period $78,120 The operating plan calls for 155 operating hours for the period. Each speaker requires 10 minutes of cell process time. The unit selling price for each speaker is $292. During the period, the following transactions occurred: 1. Purchased materials to produce 440 speaker units. 2. Applied conversion costs to production of 420 speaker units. 3. Completed and transferred 400 speaker units to finished goods. 4. Sold 385 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. Raw and In Process Inventory 1. Accounts Payable v Raw and In Process Inventory 2. Conversion Costs v Finished Goods Inventory 3. Raw and In Process Inventory Accounts Receivable v 4. Sale Sales Cost of Goods Sold 4. Cost Finished Goods Inventory 00 00 00
Transcribed Image Text: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 $64,060 Depreciation 8,590 Supplies 3,120 Power 2,350 Total cell costs for the period $78,120 The operating plan calls for 155 operating hours for the period. Each speaker requires 10 minutes of cell process time. The unit selling price for each speaker is $292. During the period, the following transactions occurred: 1. Purchased materials to produce 440 speaker units. 2. Applied conversion costs to production of 420 speaker units. 3. Completed and transferred 400 speaker units to finished goods. 4. Sold 385 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. Raw and In Process Inventory 1. Accounts Payable v Raw and In Process Inventory 2. Conversion Costs v Finished Goods Inventory 3. Raw and In Process Inventory Accounts Receivable v 4. Sale Sales Cost of Goods Sold 4. Cost Finished Goods Inventory 00 00 00
b. Determine the ending balance of raw and in process inventory and finished goods inventory. Raw and In Process Inventory, ending balance $ Finished Goods Inventory, ending balance $
Transcribed Image Text:b. Determine the ending balance of raw and in process inventory and finished goods inventory. Raw and In Process Inventory, ending balance $ Finished Goods Inventory, ending balance $
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