Westgate Inc. uses a lean manufacturing strategy to manufacture DVR (digital video recorder) players. The company manufactures DVR players through a single product cell. The budgeted conversion cost for the year is $945,600 for 1,970 production hours. Each unit requires 10 minutes of cell process time. During March, 820 DVR players were manufactured in the cell. The materials cost per unit is $60. The following summary transactions took place during March: Materials were purchased for March production. Conversion costs were applied to production. 820 DVR players were assembled and placed in finished goods. 780 DVR players were sold for $248 per unit. a. Determine the budgeted cell conversion cost per hour. If required, round to the nearest dollar. $fill in the blank 0322c406902b019_1 per hour b. Determine the budgeted cell conversion cost per unit. If required, round to the nearest dollar. $fill in the blank 0322c406902b019_2 per unit c. Journalize the summary transactions (1)–(4) for March. If an amount box does not require an entry, leave it blank. 1. fill in the blank dbdb8204a02cfa4_2 fill in the blank dbdb8204a02cfa4_3 fill in the blank dbdb8204a02cfa4_5 fill in the blank dbdb8204a02cfa4_6 2. fill in the blank dbdb8204a02cfa4_8 fill in the blank dbdb8204a02cfa4_9 fill in the blank dbdb8204a02cfa4_11 fill in the blank dbdb8204a02cfa4_12 3. fill in the blank dbdb8204a02cfa4_14 fill in the blank dbdb8204a02cfa4_15 fill in the blank dbdb8204a02cfa4_17 fill in the blank dbdb8204a02cfa4_18 4. Sale fill in the blank dbdb8204a02cfa4_20 fill in the blank dbdb8204a02cfa4_21 fill in the blank dbdb8204a02cfa4_23 fill in the blank dbdb8204a02cfa4_24 4. Cost fill in the blank dbdb8204a02cfa4_26 fill in the blank dbdb8204a02cfa4_27 fill in the blank dbdb8204a02cfa4_29 fill in the blank dbdb8204a02cfa4_30
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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Lean Accounting
Westgate Inc. uses a lean manufacturing strategy to manufacture DVR (digital video recorder) players. The company manufactures DVR players through a single product cell. The budgeted conversion cost for the year is $945,600 for 1,970 production hours. Each unit requires 10 minutes of cell process time. During March, 820 DVR players were manufactured in the cell. The materials cost per unit is $60. The following summary transactions took place during March:
- Materials were purchased for March production.
- Conversion costs were applied to production.
- 820 DVR players were assembled and placed in finished goods.
- 780 DVR players were sold for $248 per unit.
a. Determine the budgeted cell conversion cost per hour. If required, round to the nearest dollar.
$fill in the blank 0322c406902b019_1 per hourb. Determine the budgeted cell conversion cost per unit. If required, round to the nearest dollar.
$fill in the blank 0322c406902b019_2 per unitc. Journalize the summary transactions (1)–(4) for March. If an amount box does not require an entry, leave it blank.
1. fill in the blank dbdb8204a02cfa4_2 fill in the blank dbdb8204a02cfa4_3 fill in the blank dbdb8204a02cfa4_5 fill in the blank dbdb8204a02cfa4_6 2. fill in the blank dbdb8204a02cfa4_8 fill in the blank dbdb8204a02cfa4_9 fill in the blank dbdb8204a02cfa4_11 fill in the blank dbdb8204a02cfa4_12 3. fill in the blank dbdb8204a02cfa4_14 fill in the blank dbdb8204a02cfa4_15 fill in the blank dbdb8204a02cfa4_17 fill in the blank dbdb8204a02cfa4_18 4. Sale fill in the blank dbdb8204a02cfa4_20 fill in the blank dbdb8204a02cfa4_21 fill in the blank dbdb8204a02cfa4_23 fill in the blank dbdb8204a02cfa4_24 4. Cost fill in the blank dbdb8204a02cfa4_26 fill in the blank dbdb8204a02cfa4_27 fill in the blank dbdb8204a02cfa4_29 fill in the blank dbdb8204a02cfa4_30
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