Vintage Audio Inc. manufact res audio speakers. Each speaker requires $96 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period: Speaker assembly cell, estimated costs: Labor Depreciation Supplies Power Total cell costs for the period The operating plan calls for 195 operating hours for the period. Each speaker requires 12 minutes of cell process time. The unit selling price for each speaker is $260. During the period, the following transactions occurred: 1. Purchased materials to produce 650 speaker units. 2. Applied conversion costs to production of 620 speaker units. 3. Completed and transferred 590 speaker units to finished goods. 4. Sold 565 speaker units. There were no inventories at the beginning of the period. 1. a. Journalize the summary transactions (1)-(4) for the period. Round the per unit cost to the nearest cent and use in subsequent computations. If an amount box does not require an entry, leave it blank. 2. $59,960 8,040 2,930 2,195 $73,125 3. 4. Sale 4. Cost 00 00 00 00 00 00 b. Determine the ending inventory and finished goods inventory. Raw and In Process Inventory, ending balance Finished Goods Inventory, ending balance balance of raw and in process
Vintage Audio Inc. manufact res audio speakers. Each speaker requires $96 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period: Speaker assembly cell, estimated costs: Labor Depreciation Supplies Power Total cell costs for the period The operating plan calls for 195 operating hours for the period. Each speaker requires 12 minutes of cell process time. The unit selling price for each speaker is $260. During the period, the following transactions occurred: 1. Purchased materials to produce 650 speaker units. 2. Applied conversion costs to production of 620 speaker units. 3. Completed and transferred 590 speaker units to finished goods. 4. Sold 565 speaker units. There were no inventories at the beginning of the period. 1. a. Journalize the summary transactions (1)-(4) for the period. Round the per unit cost to the nearest cent and use in subsequent computations. If an amount box does not require an entry, leave it blank. 2. $59,960 8,040 2,930 2,195 $73,125 3. 4. Sale 4. Cost 00 00 00 00 00 00 b. Determine the ending inventory and finished goods inventory. Raw and In Process Inventory, ending balance Finished Goods Inventory, ending balance balance of raw and in process
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![**Vintage Audio Inc. Production Analysis**
**Overview:**
Vintage Audio Inc. manufactures audio speakers. Each speaker requires $96 per unit of direct materials. The manufacturing assembly process includes the following estimated costs for the period:
**Estimated Costs:**
- Labor: $59,960
- Depreciation: $8,040
- Supplies: $2,930
- Power: $2,195
- Total cell costs for the period: $73,125
**Production Plan:**
- Operating hours for the period: 195 hours.
- Each speaker requires 12 minutes of cell process time.
- Selling price per speaker: $260.
**Transactions During the Period:**
1. Purchased materials to produce 650 speaker units.
2. Applied conversion costs to the production of 620 speaker units.
3. Completed and transferred 590 speaker units to finished goods.
4. Sold 565 speaker units.
*Note: There were no inventories at the beginning of the period.*
**Instructions:**
**a. Journalize the Summary Transactions (1)-(4):**
Record the transactions for the period. Round per unit costs to the nearest cent for calculations. If a box does not require an entry, leave it blank.
1. [Journal entry fields]
2. [Journal entry fields]
3. [Journal entry fields]
4. Sale
- [Journal entry fields]
4. Cost
- [Journal entry fields]
**b. Ending Balances:**
Calculate the ending balance of raw and in-process inventory and finished goods inventory.
- **Raw and In-Process Inventory, ending balance:** $ [ ]
- **Finished Goods Inventory, ending balance:** $ [ ]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F95236ad7-6132-43b7-89f4-4633119c5e63%2F23b6c55a-611f-417b-a56e-a25eb324384b%2Fw567fj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:**Vintage Audio Inc. Production Analysis**
**Overview:**
Vintage Audio Inc. manufactures audio speakers. Each speaker requires $96 per unit of direct materials. The manufacturing assembly process includes the following estimated costs for the period:
**Estimated Costs:**
- Labor: $59,960
- Depreciation: $8,040
- Supplies: $2,930
- Power: $2,195
- Total cell costs for the period: $73,125
**Production Plan:**
- Operating hours for the period: 195 hours.
- Each speaker requires 12 minutes of cell process time.
- Selling price per speaker: $260.
**Transactions During the Period:**
1. Purchased materials to produce 650 speaker units.
2. Applied conversion costs to the production of 620 speaker units.
3. Completed and transferred 590 speaker units to finished goods.
4. Sold 565 speaker units.
*Note: There were no inventories at the beginning of the period.*
**Instructions:**
**a. Journalize the Summary Transactions (1)-(4):**
Record the transactions for the period. Round per unit costs to the nearest cent for calculations. If a box does not require an entry, leave it blank.
1. [Journal entry fields]
2. [Journal entry fields]
3. [Journal entry fields]
4. Sale
- [Journal entry fields]
4. Cost
- [Journal entry fields]
**b. Ending Balances:**
Calculate the ending balance of raw and in-process inventory and finished goods inventory.
- **Raw and In-Process Inventory, ending balance:** $ [ ]
- **Finished Goods Inventory, ending balance:** $ [ ]
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