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

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 4RE: Refer to RE6-3. Assume Long records accounts receivable and sales using the net price method....

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Concept explainers

Process Costing

Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure. 

Job Costing

Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.

ABC Costing

Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.

Topic Video

Question

3. Journalize the summary transactions (a) through (d). If an amount box does not require an entry, leave it blank.
Raw and In Process Inventory
а.
Accounts Payable
b.
3.
4. Sale
4. 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 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
$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
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:
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 hour
2. Determine the budgeted cell conversion cost per unit.
per unit

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