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Lean Accounting Power Audio Inc. manufactures audio speakers. Each speaker requires $52 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for period: Speaker assembly cell, estimated costs Labor Depreciation Supplies Power Total cell costs for the period The operating plan calls for 800 operating hours for the period. Each speaker requires 12 minutes of cell process time. The u following transactions occurred $30,000 12,000 6,000 2,000 $50,000 1. Purchased materials to produce 2,000 speaker units. 2. Applied conversion costs to production of 1,800 speaker units 3. Completed and transferred 1,800 speaker units to finished goods 4. Sold 1,600 speaker units. There were no inventories at the beginning of the period. a. Journalize the summary transactions (1)-(4) for the period. If an amount box does not require an entry, leave it blank. 188 1. Accounts Favela is $60. During the period, the

Lean Accounting Power Audio Inc. manufactures audio speakers. Each speaker requires $52 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for period: Speaker assembly cell, estimated costs Labor Depreciation Supplies Power Total cell costs for the period The operating plan calls for 800 operating hours for the period. Each speaker requires 12 minutes of cell process time. The u following transactions occurred $30,000 12,000 6,000 2,000 $50,000 1. Purchased materials to produce 2,000 speaker units. 2. Applied conversion costs to production of 1,800 speaker units 3. Completed and transferred 1,800 speaker units to finished goods 4. Sold 1,600 speaker units. There were no inventories at the beginning of the period. a. Journalize the summary transactions (1)-(4) for the period. If an amount box does not require an entry, leave it blank. 188 1. Accounts Favela is $60. During the period, the

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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The HOMEWORK 4. Sele 4. Cost Book Show Me Fo b. Determine the ending balance of law and In Process Inventory and Finished Goods Inventory and Process Inventory ending balance Finished Goods Inventory, ending balance t
Transcribed Image Text:The HOMEWORK 4. Sele 4. Cost Book Show Me Fo b. Determine the ending balance of law and In Process Inventory and Finished Goods Inventory and Process Inventory ending balance Finished Goods Inventory, ending balance t
Lean Accounting Power Audio Inc. manufactures audio speakers. Each speaker requires $52 per unit of direct materials. The speaker manufacturing assembly cell includes the following restimated costs for the period: Speaker assembly cell, estimated costs Labor Depreciation Supplies Power Total cell costs for the period i $30,000 12,000 6,000 2,000 $50,000 The operating plan calls for 800 operating hours for the period. Each speaker requires 12 minutes of cell process time. The unit selling price for each speaker is $60. During the period, the following transactions occurred 1. Purchased materials to produce 2,000 speaker units. 2. Applied conversion costs to production of 1,800 speaker units 3. Completed and transferred 1,800 speaker units to finished goods 4. Sold 1,600 speaker units. There were no inventories at the beginning of the period. a. Journalize the summary transactions (1)-(4) for the period. If an amount box does not require an entry, leave it blank. 88 Baw and In Process Inventory Accounts Payable
Transcribed Image Text:Lean Accounting Power Audio Inc. manufactures audio speakers. Each speaker requires $52 per unit of direct materials. The speaker manufacturing assembly cell includes the following restimated costs for the period: Speaker assembly cell, estimated costs Labor Depreciation Supplies Power Total cell costs for the period i $30,000 12,000 6,000 2,000 $50,000 The operating plan calls for 800 operating hours for the period. Each speaker requires 12 minutes of cell process time. The unit selling price for each speaker is $60. During the period, the following transactions occurred 1. Purchased materials to produce 2,000 speaker units. 2. Applied conversion costs to production of 1,800 speaker units 3. Completed and transferred 1,800 speaker units to finished goods 4. Sold 1,600 speaker units. There were no inventories at the beginning of the period. a. Journalize the summary transactions (1)-(4) for the period. If an amount box does not require an entry, leave it blank. 88 Baw and In Process Inventory Accounts Payable
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