Modern Lighting Inc. manufactures lighting fixtures, using lean manufacturing methods. Style Omega has a materials cost per unit of $24. The budgeted conversion cost for the year is $148,200 for 2,600 production hours. A unit of Style Omega requires 10 minutes of cell production time. The following transactions took place during June: Materials were acquired to assemble 930 Style Omega units for June. Conversion costs were applied to 930 Style Omega units of production. 860 units of Style Omega were completed in June. 810 units of Style Omega were sold in June for $70 per unit. Question Content Area a. Determine the budgeted cell conversion cost per hour. If required, round to the nearest cent.fill in the blank 1 of 1$ per hour b. Determine the budgeted cell conversion cost per unit. If required, round to the nearest cent.fill in the blank 1 of 1$ per unit Feedback Area Feedback Question Content Area 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. Transaction Account Debit Credit 1. 2. 3. 4. Sale 4. Cost
Modern Lighting Inc. manufactures lighting fixtures, using lean manufacturing methods. Style Omega has a materials cost per unit of $24. The budgeted conversion cost for the year is $148,200 for 2,600 production hours. A unit of Style Omega requires 10 minutes of cell production time. The following transactions took place during June: Materials were acquired to assemble 930 Style Omega units for June. Conversion costs were applied to 930 Style Omega units of production. 860 units of Style Omega were completed in June. 810 units of Style Omega were sold in June for $70 per unit. Question Content Area a. Determine the budgeted cell conversion cost per hour. If required, round to the nearest cent.fill in the blank 1 of 1$ per hour b. Determine the budgeted cell conversion cost per unit. If required, round to the nearest cent.fill in the blank 1 of 1$ per unit Feedback Area Feedback Question Content Area 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. Transaction Account Debit Credit 1. 2. 3. 4. Sale 4. Cost
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Modern Lighting Inc. manufactures lighting fixtures, using lean manufacturing methods. Style Omega has a materials cost per unit of $24. The budgeted conversion cost for the year is $148,200 for 2,600 production hours. A unit of Style Omega requires 10 minutes of cell production time. The following transactions took place during June:
- Materials were acquired to assemble 930 Style Omega units for June.
- Conversion costs were applied to 930 Style Omega units of production.
- 860 units of Style Omega were completed in June.
- 810 units of Style Omega were sold in June for $70 per unit.
Question Content Area
a. Determine the budgeted cell conversion cost per hour. If required, round to the nearest cent.
fill in the blank 1 of 1$ per hour
b. Determine the budgeted cell conversion cost per unit. If required, round to the nearest cent.
fill in the blank 1 of 1$ per unit
Feedback Area
Feedback
Question Content Area
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.
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