Lean Accounting Modern Lighting Inc. manufactures lighting fixtures, using lean manufacturing methods. Style Omega has a materials cost per unit of $18. The budgeted conversion cost for the year is $112,200 for 1,700 production hours. A unit of Style Omega requires 15 minutes of cell production time. The following transactions took place during June: 1. Materials were acquired to assemble 910 Style Omega units for June. 2. Conversion costs were applied to 910 Style Omega units of production. 3. 850 units of Style Omega were completed in June. 4. 790 units of Style Omega were sold in June for $70 per unit. a. Determine the budgeted cell conversion cost per hour. If required, round to the nearest cent. $ per hour b. Determine the budgeted cell conversion cost per unit. If required, round to the nearest cent. per unit c. Journalize the summary transactions (1)-(4) for June. If required, round your answers to one decimal place. If an amount box does not require an entry, leave it blank. 1. 2. 3. 4. Sale 4. Cost

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At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct materials (5 lbs. @ $4.00) $20.00 Direct labor (2 hrs. @ $15.00) 30.00 Standard prime cost per unit $50.00 The actual results for the year are as follows: Units produced: 440,000. Materials purchased: 3,080,000 pounds @ $5.60. Materials used: 2,640,000 pounds. Direct labor: 968,000 hours @ $14.16. Required: 1.  Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable. Material price variance $fill in the blank 1   Material usage variance $fill in the blank 3   2.  Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable. Labor rate variance $fill in the blank 5   Labor efficiency variance $fill in the blank 7

5. 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 $869,700 for 2,230 production hours. Each unit requires 12 minutes of cell process time. During March, 990 DVR players were manufactured in the cell. The materials cost per unit is $69. The following summary transactions took place during March: Materials were purchased for March production. Conversion costs were applied to production. 990 DVR players were assembled and placed in finished goods. 940 DVR players were sold for $260 per unit. a.  Determine the budgeted cell conversion cost per hour. If required, round to the nearest dollar.$fill in the blank c00542f5ffcb016_1 per hour b.  Determine the budgeted cell conversion cost per unit. If required, round to the nearest dollar.$fill in the blank c00542f5ffcb016_2 per unit c.…

Vishnu

A company produces a cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below:   Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 5.70 pounds $ 2.50 per pound $ 14.25 Direct labor 0.50 hours $ 7.50 per hour $ 3.75 During the most recent month, the following activity was recorded: Eleven thousand pounds of material were purchased at a cost of $2.40 per pound. The company produced only 1,100 units, using 9,900 pounds of material. (The rest of the material purchased remained in raw materials inventory.) 650 hours of direct labor time were recorded at a total labor cost of $7,800. Required: Compute the materials price and quantity variances for the month.

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 $706,200 for 2,140 production hours. Each unit requires 12 minutes of cell process time. During March, 960 DVR players were manufacture the cell. The materials cost per unit is $66. The following summary transactions took place during March: 1. Materials were purchased for March production. 2. Conversion costs were applied to production. 3.960 DVR players were assembled and placed in finished goods. 4.910 DVR players were sold for $234 per unit. a. Determine the budgeted cell conversion cost per hour. If required, round to the nearest dollar. per hour b. Determine the budgeted cell conversion cost per unit. If required, round to the nearest dollar. per unit

Modern Lighting Inc. manufactures lighting fixtures, using lean manufacturing methods. Style Omega has a materials cost per unit of $24. The budgeted conversion cost for the year is $148,200 for 2,600 production hours. A unit of Style Omega requires 10 minutes of cell production time. The following transactions took place during June: Materials were acquired to assemble 930 Style Omega units for June. Conversion costs were applied to 930 Style Omega units of production. 860 units of Style Omega were completed in June. 810 units of Style Omega were sold in June for $70 per unit. Question Content Area a.  Determine the budgeted cell conversion cost per hour. If required, round to the nearest cent.fill in the blank 1 of 1$ per hour b.  Determine the budgeted cell conversion cost per unit. If required, round to the nearest cent.fill in the blank 1 of 1$ per unit   Feedback Area   Feedback   Question Content Area c.  Journalize the summary transactions (1)–(4) for…

Subject: Acounting