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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 $82,360 Depreciation 11,050 Supplies 4,020 Power 3,010 Total cell costs for the period $100,440 The operating plan calls for 180 operating hours for the period. Each speaker requires 10 minutes of cell process time. The unit Check My Work
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 Correct 4. Sale Accounts Receiva Sales 4. Cost Cost of Goods Sold Finished Goods Inventory Feedback Check My Work a. In lean manufacturing, there are fewer transactions to record, thus simplifying the accounting system. Some accounts are combined. For example, all in-process work is combined with raw materials to form a new account, Raw and In Process /ntn\ fantam, and dianak lakinele sten combined Previous Next All work saved. Email Instructor Save and Exit Submit Assignment for Grading Check My Work
a. In lean manufacturing, there are fewer transactions to record, thus simplifying the accounting system. Some accounts are combined. For example, all in-process work is combined with raw materials to form a new account, Raw and In Process (RIP) Inventory and direct labor is also combined with other costs to form a new account titled Conversion Costs. Indirect labor is directly assigned to product cells; thus, less factory overhead is allocated to products. The cell conversion rate is similar to a predetermined factory overhead rate, except that it includes all conversion costs in the numerator. b. Determine the ending balance of raw and in process inventory and finished goods inventory. Raw and In Process Inventory, ending balance Finished Goods Inventory, ending balance Feedback Check My Work b. Set up a T-account for Raw and In Process Inventory and Finished Goods Inventory and post your entries from Req. (a) to obtain the balances. Feedback Previous Next > Check My Work Partially correct Check My Work