The annual budgeted conversion costs for a lean cell are $554,400 for 3,300 production hours. Each unit produced by the cell requires 6 minutes of cell process time. During the month, 1,080 units are manufactured in the cell. The estimated materials costs are $71 per unit. (Round the per unit cost to the nearest cent and use in subsequent computations. If required, round your answers to the nearest dollar.) Journalize the following entries for the month: a. Materials are purchased to produce 1,140 units. b. Conversion costs are applied to 1,080 units of production. c. The cell completes 1,030 units, which are placed into finished goods. If an amount box does not require an entry, leave it blank. Entries Account Debit Credit a. b. c.
The annual budgeted conversion costs for a lean cell are $554,400 for 3,300 production hours. Each unit produced by the cell requires 6 minutes of cell process time. During the month, 1,080 units are manufactured in the cell. The estimated materials costs are $71 per unit. (Round the per unit cost to the nearest cent and use in subsequent computations. If required, round your answers to the nearest dollar.) Journalize the following entries for the month: a. Materials are purchased to produce 1,140 units. b. Conversion costs are applied to 1,080 units of production. c. The cell completes 1,030 units, which are placed into finished goods. If an amount box does not require an entry, leave it blank. Entries Account Debit Credit a. b. c.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The annual budgeted conversion costs for a lean cell are $554,400 for 3,300 production hours. Each unit produced by the cell requires 6 minutes of cell process time. During the month, 1,080 units are manufactured in the cell. The estimated materials costs are $71 per unit.
(Round the per unit cost to the nearest cent and use in subsequent computations. If required, round your answers to the nearest dollar.)
Journalize the following entries for the month:
a. Materials are purchased to produce 1,140 units.
b. Conversion costs are applied to 1,080 units of production.
c. The cell completes 1,030 units, which are placed into finished goods.
If an amount box does not require an entry, leave it blank.
| Entries | Account | Debit | Credit |
|---|---|---|---|
| a. |
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| b. |
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| c. |
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