-Tel Inc. manufactures and assembles two models of smartphones-the Tiger Model and the Lion Model. The process consists of a lean cell for each product. The data that cern only the Lion Model lean cell. the year, Com-Tel Inc. budgeted these costs for the Lion Model production cell: -nversion Cost Categories Budget $104,500 39,600 14,300 $158,400 om-Tel plans 2,400 hours of production for the Lion Model cell for the year. The materials cost is $56 per unit. Each assembly requires 18 minutes of cell assembly time. There wa ay 1 inventory for either Raw and In Process Inventory or Finished Goods Inventory. bor applies cilities Total me following summary events took place in the Lion Model cell during May: . Electronic parts were purchased to produce 8,150 Lion Model assemblies in May. . Conversion costs were applied for 7,750 units of production in May. c. 7,600 units were completed and transferred to finished goods in May. d. 7,370 units were shipped to customers at a price of $264 per unit. f required, round your answers to the nearest cent. Required: 1. Determine the budgeted cell conversion cost per hour. $ per hour 2. Determine the budgeted cell conversion cost per unit. $ per unit 3. Journalize the summary transactions (a) through (d). If an amount box does not require an entry, leave blank. a.
-Tel Inc. manufactures and assembles two models of smartphones-the Tiger Model and the Lion Model. The process consists of a lean cell for each product. The data that cern only the Lion Model lean cell. the year, Com-Tel Inc. budgeted these costs for the Lion Model production cell: -nversion Cost Categories Budget $104,500 39,600 14,300 $158,400 om-Tel plans 2,400 hours of production for the Lion Model cell for the year. The materials cost is $56 per unit. Each assembly requires 18 minutes of cell assembly time. There wa ay 1 inventory for either Raw and In Process Inventory or Finished Goods Inventory. bor applies cilities Total me following summary events took place in the Lion Model cell during May: . Electronic parts were purchased to produce 8,150 Lion Model assemblies in May. . Conversion costs were applied for 7,750 units of production in May. c. 7,600 units were completed and transferred to finished goods in May. d. 7,370 units were shipped to customers at a price of $264 per unit. f required, round your answers to the nearest cent. Required: 1. Determine the budgeted cell conversion cost per hour. $ per hour 2. Determine the budgeted cell conversion cost per unit. $ per unit 3. Journalize the summary transactions (a) through (d). If an amount box does not require an entry, leave blank. a.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:Lean Accounting
Com-Tel Inc. manufactures and assembles two models of smartphones-the Tiger Model and the Lion Model. The process consists of a lean cell for each product. The data that follow
concern only the Lion Model lean cell.
For the year, Com-Tel Inc. budgeted these costs for the Lion Model production cell:
Conversion Cost Categories
Budget
$104,500
39,600
14,300
$158,400
Labor
Supplies
Utilities
Total
Com-Tel plans 2,400 hours of production for the Lion Model cell for the year. The materials cost is $56 per unit. Each assembly requires 18 minutes of cell assembly time. There was no
May 1 inventory for either Raw and In Process Inventory or Finished Goods Inventory.
The following summary events took place in the Lion Model cell during May:
a. Electronic parts were purchased to produce 8,150 Lion Model assemblies in May.
b. Conversion costs were applied for 7,750 units of production in May.
c. 7,600 units were completed and transferred to finished goods in May.
d. 7,370 units were shipped to customers at a price of $264 per unit.
If required, round your answers to the nearest cent.
Required:
1. Determine the budgeted cell conversion cost per hour.
$
per hour
2. Determine the budgeted cell conversion cost per unit.
per unit
3. Journalize the summary transactions (a) through (d). If an amount box does not require an entry, leave it blank.
a.
Transcribed Image Text:4. Determine the ending balance in Raw and In Process Inventory and Finished Goods Inventory.
Raw and In Process Inventory
Finished Goods Inventory
$
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