Robo-Lawn is a lean manufacturer of robotic lawn mowers. Each mower requires $270 of raw materials. Estimated conversion costs to produce 2,200 units in the next year are $880,000. During a recent quarter the company produced 620 mowers and sold 600 mowers. Each mower is sold for $1,020. Required 1. Compute the conversion cost rate per mower. 2. Prepare journal entries to record (a) purchase of raw materials on credit, (b) applied conversion costs to production, (c) sale of mowers on credit, and (d) cost of goods sold and finished goods inventory. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record (a) purchase of raw materials on credit, (b) applied conversion costs to production, (c) sale of mowers on credit, and (d) cost of goods sold and finished goods inventory. View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 a. Work in process inventory 167 400

Robo-Lawn is a lean manufacturer of robotic lawn mowers. Each mower requires $270 of raw materials. Estimated conversion costs to produce 2,200 units in the next year are $880,000. During a recent quarter the company produced 620 mowers and sold 600 mowers. Each mower is sold for $1,020. Required 1. Compute the conversion cost rate per mower. 2. Prepare journal entries to record (a) purchase of raw materials on credit, (b) applied conversion costs to production, (c) sale of mowers on credit, and (d) cost of goods sold and finished goods inventory. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record (a) purchase of raw materials on credit, (b) applied conversion costs to production, (c) sale of mowers on credit, and (d) cost of goods sold and finished goods inventory. View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 a. Work in process inventory 167 400

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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