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

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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.