Managerial Accounting
Managerial Accounting
7th Edition
ISBN: 9781260247886
Author: Wild
Publisher: MCG
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Chapter C, Problem 1P

Robo-Lawn is a lean manufacturer of robotic lawn mowers. Each mower requires $250 of raw materials. Estimated conversion costs to produce 2,000 units in the next year are $800,000. During a recent quarter, the company produced 600 mowers and sold 580 mowers. Each mower is sold for $1,000.

Required

1. Compute the conversion cost rate per mower.

2. Prepare journal entries to record (a) purchase of raw materials on credit, (b) applied conversion costs to production, (c) sale of mowers oil credit, and (d) cost of goods sold and finished goods inventory. PROBLEMS

Problem C-1
Lean accounting
P1

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