3. Journalize the summary transactions (a) through (d). If an amount box does not require an entry, leave it blank.Raw and In Process Inventoryа.Accounts Payableb.3.4. Sale4. Cost 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 datathat 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 CategoriesBudgetLabor$110,900Supplies42,000Utilities15,100Total$168,000Com-Tel plans 2,000 hours of production for the Lion Model cell for the year. The materials cost is $71 per unit. Each assembly requires 15of 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 6,800 Lion Model assemblies in May.b. Conversion costs were applied for 6,450 units of production in May.c. 6,320 units were completed and transferred to finished goods in May.d. 6,130 units were shipped to customers at a price of $336 per unit.If required, round your answers to the nearest cent.Required:1. Determine the budgeted cell conversion cost per hour.2$per hour2. Determine the budgeted cell conversion cost per unit.per unit

Name: 3. Journalize the summary transactions (a) through (d). If an amount
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Description: 3. Journalize the summary transactions (a) through (d). If an amount box does not require an entry, leave it blank.Raw and In Process Inventoryа.Accounts Payableb.3.4. Sale4. Cost Com-Tel Inc. manufactures and assembles two models of smartphones-the

working notes: Budgeted cell conversion cost per hour = $168,000/ 2,000= $84 per hour Budgeted cell…

Business

Accounting

manul -the iger and the Lion uct. The data hat 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 $110,900 Supplies 42,000 Utilities 15,100 Total $168,000 Com-Tel plans 2,000 hours of production for the Lion Model cell for the year. The materials cost is $71 per unit. Each assembly requires 15 minutes of cell assembly time. here was no May 1 inventory for either Raw and In Process Inventory or Finished Goods Inventory. he following summary events took place in the Lion Model cell during May: a. Electronic parts were purchased to produce 6,800 Lion Model assemblies in May. o. Conversion costs were applied for 6,450 units of production in May. c. 6,320 units were completed and transferred to finished goods in May. d. 6,130 units were shipped to customers at a price of $336 per unit. f 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

manul -the iger and the Lion uct. The data hat 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 $110,900 Supplies 42,000 Utilities 15,100 Total $168,000 Com-Tel plans 2,000 hours of production for the Lion Model cell for the year. The materials cost is $71 per unit. Each assembly requires 15 minutes of cell assembly time. here was no May 1 inventory for either Raw and In Process Inventory or Finished Goods Inventory. he following summary events took place in the Lion Model cell during May: a. Electronic parts were purchased to produce 6,800 Lion Model assemblies in May. o. Conversion costs were applied for 6,450 units of production in May. c. 6,320 units were completed and transferred to finished goods in May. d. 6,130 units were shipped to customers at a price of $336 per unit. f 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

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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Sifton Electronics Corporation manufactures and assembles electronic motor drives for video cameras. The company assembles the motor drives for several accounts. The process consists of a lean cell for each customer. The following information relates to only one customer's lean cell for the coming year. For the year, projected labor and overhead was $5,627,900 and materials costs were $32 per unit. Planned production included 5,344 hours to produce 16,700 motor drives. Actual production for August was 1,500 units, and motor drives shipped amounted to 1,480 units. Conversion costs are applied based on units of production From the foregoing information, determine the amount of the conversion costs charged to Raw and In Process Inventory during August. O $606,600 Ob $608,432 O $247,163 Od $107,840
Sifton Electronics Corporation manufactures and assembles electronic motor drives for video cameras. The company assembles the motor drives for several accounts. The process consists of a lean cell for each customer. The following information relates only to one customer's lean cell for the coming year. Projected labor and overhead, $5,297,500; materials costs, $32 per unit. Planned production included 5,216 hours to produce 16,300 motor drives. Actual production for August was 1,900 units, and motor drives shipped amounted to 1,400 units. From the foregoing information, determine the production costs transferred to Finished Goods during August. a.$678,300 b.$499,800 c.$619,432 d.$253,769
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Sifton Electronics Corporation manufactures and assembles electronic motor drives for video cameras. The company assembles the motor drives for several accounts. The process consists of a lean cell for each customer. The following information relates to only one customer's lean cell for the coming year. For the year, projected labor and overhead was $5,105,700 and materials costs were $30 per unit. Planned production included 5,856 hours to produce 18,300 motor drives. Actual production for August was 1,950 units, and motor drives shipped amounted to 1,400 units. Conversion costs are applied based on units of production From the foregoing information, determine the cell conversion cost rate. a. $279.00 Ob. $3,646.93 Oc. $871.88 d. $2,618.31
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