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 $130,700 Supplies 49,500 Utilities 17,800 Total $198,000 Com-Tel plans 2,200 hours of production for the Lion Model cell for the year. The materials cost is $77 per unit. Each assembly requires 18 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: Electronic parts were purchased to produce 7,500 Lion Model assemblies in May. Conversion costs were applied for 7,150 units of production in May. 7,010 units were completed and transferred to finished goods in May. 6,800 units were shipped to customers at a price of $360 per unit. If required, round your answers to the nearest cent. Required: Question Content Area 1. Determine the budgeted cell conversion cost per hour. $fill in the blank bb0095fabfccfad_1 per hour 2. Determine the budgeted cell conversion cost per unit. $fill in the blank bb0095fabfccfad_2 per unit Question Content Area 3. Journalize the summary transactions (a) through (d). If an amount box does not require an entry, leave it blank. a. - Select - - Select - - Select - - Select - b. - Select - - Select - - Select - - Select - 3. - Select - - Select - - Select - - Select - 4. Sale - Select - - Select - - Select - - Select - 4. Cost - Select - - Select - - Select - - Select - Question Content Area 4. Determine the ending balance in Raw and In Process Inventory and Finished Goods Inventory. Raw and In Process Inventory $fill in the blank 22046af89065faa_1 Finished Goods Inventory $fill in the blank 22046af89065faa_25. Lean accounting is different from traditional accounting because it is more and uses control. As a result, the number of transactions are . In many lean operations, purchased materials are charged to a . Direct labor is . Often, nonfinancial performance measures, such as , are used to monitor performance.

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 $130,700 Supplies 49,500 Utilities 17,800 Total $198,000 Com-Tel plans 2,200 hours of production for the Lion Model cell for the year. The materials cost is $77 per unit. Each assembly requires 18 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: Electronic parts were purchased to produce 7,500 Lion Model assemblies in May. Conversion costs were applied for 7,150 units of production in May. 7,010 units were completed and transferred to finished goods in May. 6,800 units were shipped to customers at a price of $360 per unit. If required, round your answers to the nearest cent. Required: Question Content Area 1. Determine the budgeted cell conversion cost per hour. $fill in the blank bb0095fabfccfad_1 per hour 2. Determine the budgeted cell conversion cost per unit. $fill in the blank bb0095fabfccfad_2 per unit Question Content Area 3. Journalize the summary transactions (a) through (d). If an amount box does not require an entry, leave it blank. a. - Select - - Select - - Select - - Select - b. - Select - - Select - - Select - - Select - 3. - Select - - Select - - Select - - Select - 4. Sale - Select - - Select - - Select - - Select - 4. Cost - Select - - Select - - Select - - Select - Question Content Area 4. Determine the ending balance in Raw and In Process Inventory and Finished Goods Inventory. Raw and In Process Inventory $fill in the blank 22046af89065faa_1 Finished Goods Inventory $fill in the blank 22046af89065faa_25. Lean accounting is different from traditional accounting because it is more and uses control. As a result, the number of transactions are . In many lean operations, purchased materials are charged to a . Direct labor is . Often, nonfinancial performance measures, such as , are used to monitor performance.

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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Question Content Area

1. Determine the budgeted cell conversion cost per hour.
$fill in the blank bb0095fabfccfad_1 per hour

2. Determine the budgeted cell conversion cost per unit.
$fill in the blank bb0095fabfccfad_2 per unit

Question Content Area

3. Journalize the summary transactions (a) through (d). If an amount box does not require an entry, leave it blank.

a.	- Select -	- Select -
	- Select -	- Select -
b.	- Select -	- Select -
	- Select -	- Select -
3.	- Select -	- Select -
	- Select -	- Select -
4. Sale	- Select -	- Select -
	- Select -	- Select -
4. Cost	- Select -	- Select -
	- Select -	- Select -

Question Content Area

4. Determine the ending balance in Raw and In Process Inventory and Finished Goods Inventory.

Raw and In Process Inventory	$fill in the blank 22046af89065faa_1
Finished Goods Inventory	$fill in the blank 22046af89065faa_2

5. Lean accounting is different from traditional accounting because it is more

and uses

control. As a result, the number of transactions are

. In many lean operations, purchased materials are charged to a

. Direct labor is

. Often, nonfinancial performance measures, such as

, are used to monitor performance.

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Conversion Cost Categories	Budget
Labor	$130,700
Supplies	49,500
Utilities	17,800
Total		$198,000