Lean Accounting

The annual budgeted conversion costs for a lean cell are $147,200 for 2,300 production hours. Each unit produced by the cell requires 9 minutes of cell process time. During the month, 2,740 units are manufactured in the cell. The estimated materials cost is $85 per unit. Provide the following journal entries:

(Do not round interim calculations. If required, round your answers to the nearest dollar.)

a. Materials are purchased to produce 2,880 units.

b. Conversion costs are applied to 2,740 units of production.

c. 2,600 units are completed and placed into finished goods.

a.	Accounts PayableAccounts ReceivableCashConversion CostsFinished Goods InventoryRaw and In Process InventoryRaw MaterialsRaw and In Process Inventory	Raw and In Process Inventory
	Accounts PayableAccounts ReceivableConversion CostsFinished Goods InventoryRaw MaterialsRaw and In Process InventoryAccounts Payable		Accounts Payable
b.	Accounts PayableAccounts ReceivableCashConversion CostsFinished Goods InventoryRaw and In Process InventoryRaw MaterialsRaw and In Process Inventory	Raw and In Process Inventory
	Accounts PayableAccounts ReceivableCashConversion CostsCost of Goods SoldFinished Goods InventoryRaw and In Process InventoryConversion Costs		Conversion Costs
c.	Accounts PayableAccounts ReceivableCashConversion CostsFinished Goods InventoryFixed AssetsRaw and In Process InventoryFinished Goods Inventory	Finished Goods Inventory
	Accounts PayableAccounts ReceivableCashConversion CostsFinished Goods InventoryFixed AssetsRaw and In Process InventoryRaw Materials InventoryRaw and In Process Inventory		Raw and In Process Inventory