Lean Accounting Vintage Audio Inc. manufactures audio speakers. Each speaker requires $111 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period: Speaker assembly cell, estimated costs: Labor $45,660 6,120 2,230 1,670 $55,680 Depreciation Supplies Power Total cell costs for the period The operating plan calls for 160 operating hours for the period. Each speaker requires 15 minutes of cell process time. The unit selling price for each speaker is $301. During the period, the following transactions occurred: 1. Purchased materials to produce 380 speaker units. 2. Applied conversion costs to production of 360 speaker units. 3. Completed and transferred 345 speaker units to finished goods. 4. Sold 330 speaker units. There were no inventories at the beginning of the period.

Lean Accounting Vintage Audio Inc. manufactures audio speakers. Each speaker requires $111 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period: Speaker assembly cell, estimated costs: Labor $45,660 6,120 2,230 1,670 $55,680 Depreciation Supplies Power Total cell costs for the period The operating plan calls for 160 operating hours for the period. Each speaker requires 15 minutes of cell process time. The unit selling price for each speaker is $301. During the period, the following transactions occurred: 1. Purchased materials to produce 380 speaker units. 2. Applied conversion costs to production of 360 speaker units. 3. Completed and transferred 345 speaker units to finished goods. 4. Sold 330 speaker units. There were no inventories at the beginning of the period.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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