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Robo-Lawn is a lean manufacturer of robotic lawn mowers. The company budgets $858,000 of conversion costs and 11,000 production hours for this year. The manufacturing of each mower requires 5 production hours and $360 of raw materials. During a recent quarter, the company produced 710 mowers and sold 690 mowers. Each mower is sold for $1,110. 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 690 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 690 mowers on credit, and (d) cost of goods sold and finished goods inventory. View transaction list Journal entry worksheet 1 2 3 4 7

Robo-Lawn is a lean manufacturer of robotic lawn mowers. The company budgets $858,000 of conversion costs and 11,000 production hours for this year. The manufacturing of each mower requires 5 production hours and $360 of raw materials. During a recent quarter, the company produced 710 mowers and sold 690 mowers. Each mower is sold for $1,110. 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 690 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 690 mowers on credit, and (d) cost of goods sold and finished goods inventory. View transaction list Journal entry worksheet 1 2 3 4 7

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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Robo-Lawn is a lean manufacturer of robotic lawn mowers. The company budgets $858,000 of conversion costs and 11,000 production hours for this year. The manufacturing of each mower requires 5 production hours and $360 of raw materials. During a recent quarter, the company produced 710 mowers and sold 690 mowers. Each mower is sold for $1,110. 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 690 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 690 mowers on credit, and (d) cost of goods sold and finished goods inventory. View transaction list Journal entry worksheet 1 2 3 4 7
Transcribed Image Text:Robo-Lawn is a lean manufacturer of robotic lawn mowers. The company budgets $858,000 of conversion costs and 11,000 production hours for this year. The manufacturing of each mower requires 5 production hours and $360 of raw materials. During a recent quarter, the company produced 710 mowers and sold 690 mowers. Each mower is sold for $1,110. 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 690 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 690 mowers on credit, and (d) cost of goods sold and finished goods inventory. View transaction list Journal entry worksheet 1 2 3 4 7
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