Lean Accounting Com-Tel Inc. manufactures and assembles two models of smartphones-the Tiger Model and the Lion...

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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 Labor Supplies Utilities Total Budget $63,400 24,000 8,600 $96,000 Com-Tel plans 1,600 hours of production for the Lion Model cell for the year. The materials cost is $51 per unit. Each assembly requires 20 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: a. Electronic parts were purchased to produce 5,450 Lion Model assemblies in May. b. Conversion costs were applied for 5,200 units of production in May. c. During May, 5,100 units were completed and transferred to finished goods. d. Of the 5,100 units completed, 4,950 units were shipped to customers at a price of $240 per unit. If required, round your answers to the nearest cent. Required: 1. Determine the budgeted cell conversion cost per hour. 60 per hour 2. Determine the budgeted cell conversion cost per unit. per unit 3. Journalize the summary transactions (a) through (d). If an amount box does not require an entry, leave it blank. a. Raw and In Process Inventory Accounts Payable b. Raw and In Process Inventory Conversion Costs 3. Finished Goods Inventory Raw and In Process Inventory 4. Sale Accounts Receivable Sales 4. Cost Cost of Goods Sold Finished Goods Inventory 4. Sale Accounts Receivable Sales 4. Cost Cost of Goods Sold Finished Goods Inventory Feedback Check My Work 33 4. Determine the ending balance in Raw and In Process Inventory and Finished Goods Inventory. Raw and In Process Inventory: $ Finished Goods Inventory: 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 Labor Supplies Utilities Total Budget $63,400 24,000 8,600 $96,000 Com-Tel plans 1,600 hours of production for the Lion Model cell for the year. The materials cost is $51 per unit. Each assembly requires 20 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: a. Electronic parts were purchased to produce 5,450 Lion Model assemblies in May. b. Conversion costs were applied for 5,200 units of production in May. c. During May, 5,100 units were completed and transferred to finished goods. d. Of the 5,100 units completed, 4,950 units were shipped to customers at a price of $240 per unit. If required, round your answers to the nearest cent. Required: 1. Determine the budgeted cell conversion cost per hour. 60 per hour 2. Determine the budgeted cell conversion cost per unit. per unit 3. Journalize the summary transactions (a) through (d). If an amount box does not require an entry, leave it blank. a. Raw and In Process Inventory Accounts Payable b. Raw and In Process Inventory Conversion Costs 3. Finished Goods Inventory Raw and In Process Inventory 4. Sale Accounts Receivable Sales 4. Cost Cost of Goods Sold Finished Goods Inventory 4. Sale Accounts Receivable Sales 4. Cost Cost of Goods Sold Finished Goods Inventory Feedback Check My Work 33 4. Determine the ending balance in Raw and In Process Inventory and Finished Goods Inventory. Raw and In Process Inventory: $ Finished Goods Inventory: