Boom Town Inc. manufactures audio speakers. Each speaker requires $ 130 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period:

Speaker assembly cell, estimated costs:

Labor .................. $ 55,400

Depreciation ...............6,700

Supplies ................2,500

Power ................1,400

Total cell costs for the period ........ $ 66,000

The operating plan calls for 200 operating hours for the period. Each speaker requires 20 minutes of cell process time. The unit selling price for each speaker is $ 425. During the period, the following transactions occurred:

1. Purchased materials to produce 620 speaker units.

2. Applied conversion costs to production of 600 speaker units.

3. Completed and transferred 590 speaker units to finished goods.

4. Sold 575 speaker units. There were no inventories at the beginning of the period.

a. Journalize the summary transactions (1)–(4) for the period.

b. Determine the ending balance for raw and in process inventory and finished goods inventory.