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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
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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Can you please check my work bc it keeps saying my Finished good inventory is wrong

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 Work in process inventory 167,400 a. Accounts payable 167,400
Transcribed Image Text: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 Work in process inventory 167,400 a. Accounts payable 167,400
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 (X) No Transaction General Journal Debit Credit a. Work in process inventory 167,400 Accounts payable 167,400 b. Work in process inventory 248,000 Conversion costs 248,000 С. Accounts receivable 612,000 Sales 612,000 4 d. Cost of goods sold 402,000 Finished goods inventory 402,000 < Required 1 Required 2 > 3. 2.
Transcribed Image Text: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 (X) No Transaction General Journal Debit Credit a. Work in process inventory 167,400 Accounts payable 167,400 b. Work in process inventory 248,000 Conversion costs 248,000 С. Accounts receivable 612,000 Sales 612,000 4 d. Cost of goods sold 402,000 Finished goods inventory 402,000 < Required 1 Required 2 > 3. 2.
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