FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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< Lean Accounting Westgate Inc. uses a lean manufacturing strategy to manufacture DVR (digital video recorder) players. The company manufactures DVR players through a single product cell. The budgeted conversion cost for the year is $1,150,200 for 2,130 production hours. Each unit requires 20 minutes of cell process time. During March, 830 DVR players were manufactured in the cell. The materials cost per unit is $76. The following summary transactions took place during March: 1. Materials were purchased for March production, 2. Conversion costs were applied to production. 3. 830 DVR players were assembled and placed in finished goods. 4.790 DVR players were sold for $453 per unit. a. Determine the budgeted cell conversion cost per hour. If required, round to the nearest dollar. 540 per hour b. Determine the budgeted cell conversion cost per unit. If required, round to the nearest dollar. per unit c. Journalize the summary transactions (1)-(4) for March. If an amount box does not require an entry, leave it blank. ✓ ✓ Raw and In Process Inventory Accounts Payable - ✓ 1. 2. 3. Raw and In Process Inventory Conversion Costs V Finished Goods Inventory Raw and In Process Inventory 4. Sale Accounts Receivable Sales ✓ ✓ 4. Cost Cost of Goods Sold ✔ Finished Goods Inventory ✓ ✓ ✓ 00:00 00 00 00
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Transcribed Image Text:< Lean Accounting Westgate Inc. uses a lean manufacturing strategy to manufacture DVR (digital video recorder) players. The company manufactures DVR players through a single product cell. The budgeted conversion cost for the year is $1,150,200 for 2,130 production hours. Each unit requires 20 minutes of cell process time. During March, 830 DVR players were manufactured in the cell. The materials cost per unit is $76. The following summary transactions took place during March: 1. Materials were purchased for March production, 2. Conversion costs were applied to production. 3. 830 DVR players were assembled and placed in finished goods. 4.790 DVR players were sold for $453 per unit. a. Determine the budgeted cell conversion cost per hour. If required, round to the nearest dollar. 540 per hour b. Determine the budgeted cell conversion cost per unit. If required, round to the nearest dollar. per unit c. Journalize the summary transactions (1)-(4) for March. If an amount box does not require an entry, leave it blank. ✓ ✓ Raw and In Process Inventory Accounts Payable - ✓ 1. 2. 3. Raw and In Process Inventory Conversion Costs V Finished Goods Inventory Raw and In Process Inventory 4. Sale Accounts Receivable Sales ✓ ✓ 4. Cost Cost of Goods Sold ✔ Finished Goods Inventory ✓ ✓ ✓ 00:00 00 00 00
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Step 1: Definition of conversion cost:
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Step 2: Requirement a- Calculation of budgeted cell conversion cost per hour:
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Step 3: Requirement b- Calculation of budgeted cell conversion cost per unit:
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Step 4: Requirement c- Required journal entries:
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