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 $113,300 42,900 Supplies Utilities 15,400 $171,600 Total Com-Tel plans 2,600 hours of production for the Lion Model cell for the year. The materials cost is 556 per unit Each assembly requires 18 minutes of cell assembly time. There was no May 1 inventory for either in and Process Inventory or Finished Goods Inventory. The following summary events took place in the Lion Model cell during May o. Electronic parts were purchased to produce 8,850 Lion Model assemblies in May, bi Conversion costs were applied for 8,400 units of production in May, C. 8,230 units were completed and transferred to finished goods in May. d. 7.980 units were shipped to customers at a price of $264 per unit. If required, round your answers to the nearest cent. Required: e un model cell during May: a. Electronic parts were purchased to produce 8,850 Lion Model assemblies in May. b. Conversion costs were applied for 8,400 units of production in May. c. 8,230 units were completed and transferred to finished goods in May. d. 7,980 units were shipped to customers at a price of $264 per unit. If required, round your answers to the nearest cent. Required: 1. Determine the budgeted cell conversion cost per hour. per hour 2. Determine the budgeted cell conversion cost per unit. per unit Feedback Check My Work 1. Cell Conversion Cost Rate = Budgeted Conversion Cost Planned Hours of Production 2. Conversion cost for Smartphone = Manufacturing Time x Cell Conversion Cost Rate leave it blanks a. Raw and In Process Inventory Accounts Payable b. Raw and In Process Inventory Conversion Costs 88 3. Finished Goods Inventory Raw and In Process Inventory 4. Sale Accounts Receivable Sales 14. Cost Cost of Goods Sold Finished Goods Inventory Food Determine the ending balance in Raw and In Process Inventory and Finished Goods Inventory. aw and In Process Inventory inished Goods Inventory - Lean accounting is different from traditional accounting because it is more simplified and inimal control. As a result, the number of transactions are reduced In many lear Derations, purchased materials are charged to a "raw and in process inventory account bor is included as a conversion cost of the cell . Often, nonfinancial performance measur rad time or quality measures y, are used to monitor performance