Power Audio Inc. manufactures audio speakers. Each speaker requires $100 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period: Speaker assembly cell, estimated costs: Line Item Description Amount Labor $67,160 Depreciation 9,010 Supplies 3,280 Power 2,450 Total cell costs for the period $81,900 The operating plan calls for 175 operating hours for the period. Each speaker requires 10 minutes of cell process time. The unit selling price for each speaker is $271. During the period, the following transactions occurred: Purchased materials to produce 670 speaker units. Applied conversion costs to production of 635 speaker units. Completed and transferred 610 speaker units to finished goods. Sold 585 speaker units. There were no inventories at the beginning of the period. Question Content Area a. Journalize the summary transactions (1)-(4) for the period. Round the per unit cost to the nearest cent and use in subsequent computations. If an amount box does not require an entry, leave it blank. Transaction Account Debit Credit 1. 2. 3. 4. Sale 4. Cost Feedback Area Feedback Question Content Area b. Determine the ending balance of raw and in process inventory and finished goods inventory.Raw and In Process Inventory, ending balance fill in the blank 1 of 2$Finished Goods Inventory, ending balance fill in the blank 2 of 2$
Power Audio Inc. manufactures audio speakers. Each speaker requires $100 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period: Speaker assembly cell, estimated costs: Line Item Description Amount Labor $67,160 Depreciation 9,010 Supplies 3,280 Power 2,450 Total cell costs for the period $81,900 The operating plan calls for 175 operating hours for the period. Each speaker requires 10 minutes of cell process time. The unit selling price for each speaker is $271. During the period, the following transactions occurred: Purchased materials to produce 670 speaker units. Applied conversion costs to production of 635 speaker units. Completed and transferred 610 speaker units to finished goods. Sold 585 speaker units. There were no inventories at the beginning of the period. Question Content Area a. Journalize the summary transactions (1)-(4) for the period. Round the per unit cost to the nearest cent and use in subsequent computations. If an amount box does not require an entry, leave it blank. Transaction Account Debit Credit 1. 2. 3. 4. Sale 4. Cost Feedback Area Feedback Question Content Area b. Determine the ending balance of raw and in process inventory and finished goods inventory.Raw and In Process Inventory, ending balance fill in the blank 1 of 2$Finished Goods Inventory, ending balance fill in the blank 2 of 2$
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Power Audio Inc. manufactures audio speakers. Each speaker requires $100 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period:
Speaker assembly cell, estimated costs:| Line Item Description | Amount |
|---|---|
| Labor | $67,160 |
| |
9,010 |
| Supplies | 3,280 |
| Power | 2,450 |
| Total cell costs for the period | $81,900 |
The operating plan calls for 175 operating hours for the period. Each speaker requires 10 minutes of cell process time. The unit selling price for each speaker is $271. During the period, the following transactions occurred:
- Purchased materials to produce 670 speaker units.
- Applied conversion costs to production of 635 speaker units.
- Completed and transferred 610 speaker units to finished goods.
- Sold 585 speaker units.
There were no inventories at the beginning of the period.
Question Content Area
a. Journalize the summary transactions (1)-(4) for the period. Round the per unit cost to the nearest cent and use in subsequent computations. If an amount box does not require an entry, leave it blank.
| Transaction | Account | Debit | Credit |
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| 4. Sale |
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Feedback Area
Feedback
Question Content Area
b. Determine the ending balance of raw and in process inventory and finished goods inventory.
Raw and In Process Inventory, ending balance fill in the blank 1 of 2$
Finished Goods Inventory, ending balance fill in the blank 2 of 2$
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