Modern Lighting Inc. manufactures lighting fixtures, using lean manufacturing methods. Style Omega has a materials cost per unit of $38. The budgeted conversion cost for the year is $151,200 for 2,800 production hours. A unit of Style Omega requires 20 minutes of cell production time. The following transactions took place during June 1. Materials were acquired to assemble 640 Style Omega units for June. 2. Conversion costs were applied to 640 Style Omega units of production. 3. 600 units of Style Omega were completed in June. 4. 560 units of Style Omega were sold in June for $110 per unit. a. Determine the budgeted cell conversion cost per hour. If required, round to the nearest cent. per hour b. Determine the budgeted cell conversion cost per unit. If required, round to the nearest cent. per unit 1. c. Journalize the summary transactions (1)-(4) for June. If required, round your answers to one decimal place. If an amount box does not require an entry, leave it blank.

Modern Lighting Inc. manufactures lighting fixtures, using lean manufacturing methods. Style Omega has a materials cost per unit of $38. The budgeted conversion cost for the year is $151,200 for 2,800 production hours. A unit of Style Omega requires 20 minutes of cell production time. The following transactions took place during June 1. Materials were acquired to assemble 640 Style Omega units for June. 2. Conversion costs were applied to 640 Style Omega units of production. 3. 600 units of Style Omega were completed in June. 4. 560 units of Style Omega were sold in June for $110 per unit. a. Determine the budgeted cell conversion cost per hour. If required, round to the nearest cent. per hour b. Determine the budgeted cell conversion cost per unit. If required, round to the nearest cent. per unit 1. c. Journalize the summary transactions (1)-(4) for June. If required, round your answers to one decimal place. If an amount box does not require an entry, leave it blank.

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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