Lean AccountingVintage Audio Inc. manufactures audio speakers. Each speaker requires $119 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period:Speaker assembly cell, estimated costs: Labor$68,630 Depreciation9,210 Supplies3,350 Power2,510 Total cell costs for the period$83,700 The operating plan calls for 180 operating hours for the period. Each speaker requires 12 minutes of cell process time. The unit selling price for each speaker is $322. During the period, the following transactions occurred:Purchased materials to produce 555 speaker units.Applied conversion costs to production of 525 speaker units.Completed and transferred 505 speaker units to finished goods.Sold 485 speaker units.There were no inventories at the beginning of the period.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.1.Raw and In Process Inventory Accounts Payable 2.Raw and In Process Inventory Conversion Costs 3.Finished Goods Inventory Raw and In Process Inventory 4. SaleAccounts Receivable Sales 4. CostCost of Goods Sold Finished Goods Inventory

The amount under each heads needs to be computed on the basis of given details. Cost of inventory…

Answered: Vintage Audio Inc. manufactures audio…

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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Lean Accounting

Vintage Audio Inc. manufactures audio speakers. Each speaker requires $119 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period:

Speaker assembly cell, estimated costs:
Labor	$68,630
Depreciation	9,210
Supplies	3,350
Power	2,510
Total cell costs for the period	$83,700

The operating plan calls for 180 operating hours for the period. Each speaker requires 12 minutes of cell process time. The unit selling price for each speaker is $322. During the period, the following transactions occurred:

Purchased materials to produce 555 speaker units.
Applied conversion costs to production of 525 speaker units.
Completed and transferred 505 speaker units to finished goods.
Sold 485 speaker units.

There were no inventories at the beginning of the period.

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.

1.	Raw and In Process Inventory
	Accounts Payable
2.	Raw and In Process Inventory
	Conversion Costs
3.	Finished Goods Inventory
	Raw and In Process Inventory
4. Sale	Accounts Receivable
	Sales
4. Cost	Cost of Goods Sold
	Finished Goods Inventory

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