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 Labor $130,700   Supplies 49,500   Utilities 17,800      Total   $198,000   Com-Tel plans 2,200 hours of production for the Lion Model cell for the year. The materials cost is $77 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: Electronic parts were purchased to produce 7,500 Lion Model assemblies in May. Conversion costs were applied for 7,150 units of production in May. 7,010 units were completed and transferred to finished goods in May. 6,800 units were shipped to customers at a price of $360 per unit. If required, round your answers to the nearest cent. Required: Question Content Area 1.  Determine the budgeted cell conversion cost per hour. $fill in the blank bb0095fabfccfad_1 per hour 2.  Determine the budgeted cell conversion cost per unit. $fill in the blank bb0095fabfccfad_2 per unit   Question Content Area 3.  Journalize the summary transactions (a) through (d). If an amount box does not require an entry, leave it blank. a.   - Select - - Select -     - Select - - Select - b.   - Select - - Select -     - Select - - Select - 3.   - Select - - Select -     - Select - - Select - 4. Sale   - Select - - Select -     - Select - - Select - 4. Cost   - Select - - Select -     - Select - - Select -   Question Content Area 4.  Determine the ending balance in Raw and In Process Inventory and Finished Goods Inventory. Raw and In Process Inventory $fill in the blank 22046af89065faa_1 Finished Goods Inventory $fill in the blank 22046af89065faa_25.  Lean accounting is different from traditional accounting because it is more   and uses   control. As a result, the number of transactions are   . In many lean operations, purchased materials are charged to a   . Direct labor is   . Often, nonfinancial performance measures, such as   , are used to monitor performance.

Office Products Inc. manufactures and sells various high-tech office automation products.  Two divisions of Office Products Inc. are the Computer Chip Division and the Computer Division.  The Computer Chip Division manufactures one product, a “super chip,” that can be used by both the Computer Division and other external customers.  The following information is available on this month’s operations in the Computer Chip Division:             Selling price per chip                      P50     Monthly capacity                10,000 chips             Variable costs per chip                  P20     External sales                       6,000 chips             Fixed production costs            P60,000     Internal sales            0          chips             Fixed SG&A costs                   P90,000               Presently the Computer Division purchases no chips from the Computer Chips Division, but instead pays P45 to an external supplier for the 4,000 chips it needs each month.   1.…

Stewart Company, a recent entrant to the market, manufacturers a popular robotic toy. There are two production departments-Assembly and Finishing. Selected budgeted and actual data are below. Assembly $276,000 $343,200 80,000 1,300 Budgeted overhead Finishing $288,000 Actual overhead $198,000 Expected direct labor hours Expected machine hours 24,960 120,000 During the year, 10,000 units of the toy were produced and 9,700 units were sold. Actual data related to this production are below. Direct materials cost $540,012 $48,600 Direct labor cost Direct labor hours used: Assembly Finishing Machine hours used: 82,560 26,880 Assembly Finishing 1,680 130,940 Stewart uses departmental overhead rates-Assembly is based on direct labor hours and Finishing is based on machine hours. If necessary, round final answers to 2 decimal places. Required: 1. Compute the departmental overhead rates for a) Assembly and b) Finishing. 2. Using the departmental rates, compute the overhead costs assigned to…

Required information [The following information applies to the questions displayed below.] Black Diamond Company produces snowboards. Each snowboard requires 2 pounds of carbon fiber. Management reports that 6,400 snowboards and 7,400 pounds of carbon fiber are in inventory at the beginning of the third quarter, and that 164,000 snowboards are budgeted to be sold during the third quarter. Management wants to end the third quarter with 4,900 snowboards and 5,400 pounds of carbon fiber in inventory. Carbon fiber costs $13 per pound. Each snowboard requires 0.5 hour of direct labor at $18 per hour. Variable overhead is budgeted at the rate of $8 per direct labor hour. The company budgets fixed overhead of $1,796,000 for the quarter. 4. Prepare the factory overhead budget for the third quarter. BLACK DIAMOND COMPANY Factory Overhead Budget Third Quarter Direct labor hours needed Budgeted variable overhead Budgeted total factory overhead

Determining the Optimal Product Mix with One Constrained Resource and a Sales Constraint Casual Essentials, Inc. manufactures two types of team shirts, the Homerun and the Goalpost, with unit contribution margins of $5 and $15, respectively. Regardless of type, each team shirts must be fed through a stitching machine to affix the appropriate team logo. The firm leases seven machines that each provides 1,000 hours of machine time per year. Each Homerun shirt requires 6 minutes of machine time, and each Goalpost shirt requires 30 minutes of machine time. Assume that a maximum of 49,830 units of each team shirts can be sold. Required: If required, round your answers to the nearest whole number. 1.  What is the contribution margin per hour of machine time for each type of team shirts?   Contribution Margin Homerun $fill in the blank 1 Goalpost $fill in the blank 2 2.  What is the optimal mix of team shirts?   Optimal Mix Homerun fill in the blank 3 units Goalpost fill in…

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Required information [The following information applies to the questions displayed below.] Black Diamond Company produces snowboards. Each snowboard requires 2 pounds of carbon fiber. Management reports that 6,900 snowboards and 7,900 pounds of carbon fiber are in inventory at the beginning of the third quarter, and that 169,000 snowboards are budgeted to be sold during the third quarter. Management wants to end the third quarter with 5,400 snowboards and 5,900 pounds of carbon fiber in inventory. Carbon fiber costs $18 per pound. Each snowboard requires 0.5 hour of direct labor at $23 per hour. Variable overhead is budgeted at the rate of $13 per direct labor hour. The company budgets fixed overhead of $1,801,000 for the quarter. 2. Prepare the direct materials budget for the third quarter. BLACK DIAMOND COMPANY Direct Materials Budget Units to produce Budgeted units sales for month Materials needed for production (pounds) Add: Desired ending materials inventory (pounds) Total…

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Flow of Costs and Income Statement Ginocera Inc. is a designer, manufacturer, and distributor of low-cost, high-quality stainless steel kitchen knives. A new kitchen knife series called the Kitchen Ninja was released for production in early 20Y8. In January, the company spent $371,700 to develop a late-night advertising infomercial for the new product. During 20Y8, the company spent $867,300 advertising the product through these infomercials. In addition, the company incurred $372,000 in legal costs. The knives were ready for manufacture on January 1, 20Y8. Ginocera uses a job order cost system to accumulate costs associated with the kitchen knife. The unit direct materials cost for the knife is as follows: Hardened steel blanks (used for knife shaft and blade) $1.40 Wood (for handle) 0.50 Packaging 0.50 The production process is straightforward. First, the hardened steel blanks, which are purchased directly from a raw material supplier, are stamped into a single piece of…

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