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 $869,700 for 2,230 production hours. Each unit requires 12 minutes of cell process time. During March, 990 DVR players were manufactured in the cell. The materials cost per unit is $69. The following summary transactions took place during March: Materials were purchased for March production. Conversion costs were applied to production. 990 DVR players were assembled and placed in finished goods. 940 DVR players were sold for $260 per unit. a. Determine the budgeted cell conversion cost per hour. If required, round to the nearest dollar. $fill in the blank c00542f5ffcb016_1 per hour b. Determine the budgeted cell conversion cost per unit. If required, round to the nearest dollar. $fill in the blank c00542f5ffcb016_2 per unit c. Journalize the summary transactions (1)–(4) for March. 1. fill in the blank b375eaf5ffc9f87_2 fill in the blank b375eaf5ffc9f87_4 2. fill in the blank b375eaf5ffc9f87_6 fill in the blank b375eaf5ffc9f87_8 3. fill in the blank b375eaf5ffc9f87_10 fill in the blank b375eaf5ffc9f87_12 4. Sale fill in the blank b375eaf5ffc9f87_14 fill in the blank b375eaf5ffc9f87_16 4. Cost fill in the blank b375eaf5ffc9f87_18 fill in the blank b375eaf5ffc9f87_20

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

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 $869,700 for 2,230 production hours. Each unit requires 12 minutes of cell process time. During March, 990 DVR players were manufactured in the cell. The materials cost per unit is $69. The following summary transactions took place during March:

Materials were purchased for March production.
Conversion costs were applied to production.
990 DVR players were assembled and placed in finished goods.
940 DVR players were sold for $260 per unit.

a. Determine the budgeted cell conversion cost per hour. If required, round to the nearest dollar.
$fill in the blank c00542f5ffcb016_1 per hour

b. Determine the budgeted cell conversion cost per unit. If required, round to the nearest dollar.
$fill in the blank c00542f5ffcb016_2 per unit

c. Journalize the summary transactions (1)–(4) for March.

1.	fill in the blank b375eaf5ffc9f87_2
		fill in the blank b375eaf5ffc9f87_4
2.	fill in the blank b375eaf5ffc9f87_6
		fill in the blank b375eaf5ffc9f87_8
3.	fill in the blank b375eaf5ffc9f87_10
		fill in the blank b375eaf5ffc9f87_12
4. Sale	fill in the blank b375eaf5ffc9f87_14
		fill in the blank b375eaf5ffc9f87_16
4. Cost	fill in the blank b375eaf5ffc9f87_18
		fill in the blank b375eaf5ffc9f87_20

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