-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 cern only the Lion Model lean cell. the year, Com-Tel Inc. budgeted these costs for the Lion Model production cell: -nversion Cost Categories Budget $104,500 39,600 14,300 $158,400 om-Tel plans 2,400 hours of production for the Lion Model cell for the year. The materials cost is $56 per unit. Each assembly requires 18 minutes of cell assembly time. There wa ay 1 inventory for either Raw and In Process Inventory or Finished Goods Inventory. bor applies cilities Total me following summary events took place in the Lion Model cell during May: . Electronic parts were purchased to produce 8,150 Lion Model assemblies in May. . Conversion costs were applied for 7,750 units of production in May. c. 7,600 units were completed and transferred to finished goods in May. d. 7,370 units were shipped to customers at a price of $264 per unit. f required, round your answers to the nearest cent. Required: 1. Determine the budgeted cell conversion cost per hour. $ per hour 2. Determine the budgeted cell conversion cost per unit. $ per unit 3. Journalize the summary transactions (a) through (d). If an amount box does not require an entry, leave blank. a.
-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 cern only the Lion Model lean cell. the year, Com-Tel Inc. budgeted these costs for the Lion Model production cell: -nversion Cost Categories Budget $104,500 39,600 14,300 $158,400 om-Tel plans 2,400 hours of production for the Lion Model cell for the year. The materials cost is $56 per unit. Each assembly requires 18 minutes of cell assembly time. There wa ay 1 inventory for either Raw and In Process Inventory or Finished Goods Inventory. bor applies cilities Total me following summary events took place in the Lion Model cell during May: . Electronic parts were purchased to produce 8,150 Lion Model assemblies in May. . Conversion costs were applied for 7,750 units of production in May. c. 7,600 units were completed and transferred to finished goods in May. d. 7,370 units were shipped to customers at a price of $264 per unit. f required, round your answers to the nearest cent. Required: 1. Determine the budgeted cell conversion cost per hour. $ per hour 2. Determine the budgeted cell conversion cost per unit. $ per unit 3. Journalize the summary transactions (a) through (d). If an amount box does not require an entry, leave blank. a.
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter13: Lean Manufacturing And Activity Analysis
Section: Chapter Questions
Problem 3PB: Lean accounting Com-Tel Inc. manufactures and assembles two models of smartphonesthe Tiger Model and...
Related questions
Question
Transcribed Image Text:Lean Accounting
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:
Conversion Cost Categories
Budget
$104,500
39,600
14,300
$158,400
Labor
Supplies
Utilities
Total
Com-Tel plans 2,400 hours of production for the Lion Model cell for the year. The materials cost is $56 per unit. Each assembly requires 18 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 8,150 Lion Model assemblies in May.
b. Conversion costs were applied for 7,750 units of production in May.
c. 7,600 units were completed and transferred to finished goods in May.
d. 7,370 units were shipped to customers at a price of $264 per unit.
If required, round your answers to the nearest cent.
Required:
1. Determine the budgeted cell conversion cost per hour.
$
per hour
2. Determine the budgeted cell conversion cost per unit.
per unit
3. Journalize the summary transactions (a) through (d). If an amount box does not require an entry, leave it blank.
a.
Transcribed Image Text:4. Determine the ending balance in Raw and In Process Inventory and Finished Goods Inventory.
Raw and In Process Inventory
Finished Goods Inventory
$
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College