Answer Happy

Com-Tel Inc. manufactures and assembles two models of
smartphones—the Tiger Model and the Lion Model.
The process consists of a lean cell for each product. The
data that follow concern only the Lion Model lean cell.
For the year, Com-Tel Inc. budgeted these costs for the Lion
Model production cell:
Com-Tel plans 2,100 hours of production for the Lion Model cell
for the year. The materials cost is $185 per unit. Each assembly
requires 12 minutes of cell assembly time. There was no May 1
inventory for either Raw and In Process Inventory or
Finished Goods Inventory.
The following summary events took place in the Lion Model cell
during May:
a. Electronic parts were purchased to produce 900 Lion Model
assemblies in May.
b. Conversion costs were applied for 875 units of production in
May.
c. 850 units were completed and transferred to finished goods in
May.
d. 800 units were shipped to customers at a price of $500 per
unit.
1. Determine the budgeted
cell conversion cost per hour.
$ per hour
2. Determine the budgeted cell conversion
cost per unit.
$ per unit
4. Determine the ending balance in Raw and In Process Inventory
and Finished Goods Inventory.
3. Journalize the summary
transactions (a) through (d). If an amount box does not require an
entry, leave it blank.
Accounts PayableConversion CostsCost of Goods SoldFinished Goods
InventoryRaw and In Process InventoryRaw and In Process
Inventory
Accounts PayableConversion CostsCost of Goods SoldFinished Goods
InventoryRaw and In Process InventoryAccounts Payable
Accounts PayableConversion CostsCost of Goods SoldFinished Goods
InventoryRaw and In Process InventoryRaw and In Process
Inventory
Accounts PayableConversion CostsCost of Goods SoldFinished Goods
InventoryRaw and In Process InventoryConversion Costs
Accounts PayableConversion CostsCost of Goods SoldFinished Goods
InventoryRaw and In Process InventoryFinished Goods Inventory
Accounts PayableConversion CostsCost of Goods SoldFinished Goods
InventoryRaw and In Process InventoryRaw and In Process
Inventory
Accounts ReceivableConversion CostsCost of Goods SoldFinished
Goods InventorySalesAccounts Receivable
Accounts ReceivableConversion CostsCost of Goods SoldFinished
Goods InventorySalesSales
Accounts ReceivableConversion CostsCost of Goods SoldFinished
Goods InventorySalesCost of Goods Sold
Accounts ReceivableConversion CostsCost of Goods SoldFinished
Goods InventorySalesFinished Goods Inventory