Robo-Lawn is a lean manufacturer of robotic lawn mowers. Each mower requires $270 of raw materials. Estimated conversion costs to produce 2,200 units in the next year are $880,000. During a recent quarter the company produced 620 mowers and sold 600 mowers. Each mower is sold for $1,020. 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 on credit, and (d) cost of goods sold and finished goods inventory. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record (a) purchase of raw materials on credit, (b) applied conversion costs to production, (c) sale of mowers on credit, and (d) cost of goods sold and finished goods inventory. View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 a. Work in process inventory 167 400
Robo-Lawn is a lean manufacturer of robotic lawn mowers. Each mower requires $270 of raw materials. Estimated conversion costs to produce 2,200 units in the next year are $880,000. During a recent quarter the company produced 620 mowers and sold 600 mowers. Each mower is sold for $1,020. 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 on credit, and (d) cost of goods sold and finished goods inventory. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record (a) purchase of raw materials on credit, (b) applied conversion costs to production, (c) sale of mowers on credit, and (d) cost of goods sold and finished goods inventory. View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 a. Work in process inventory 167 400
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 6CE: Jean and Tom Perritz own and manage Happy Home Helpers, Inc. (HHH), a house-cleaning service. Each...
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Can you please check my work bc it keeps saying my Finished good inventory is wrong
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