rrodiem U$-($Algo$)$ Lean Accounting LU $,$ ri

Auto$-$Motion is a lean manufacturer of self$-$driving wheelchairs. The company budgets $$646,000$ of conversion costs and $1,700$ production hours for this year. The manufacturing of each wheelchair requires $25$ production hours and raw materials costs of $$4,360.$ The company started and completed $86$ wheelchairs during the year and sold $70.$ Each wheelchair is sold for $$15,600.$ Actual conversion costs equal applied conversion costs.

Required:

Prepare journal entries to record

$($a$)$ the purchase of raw materials on credit to produce $86$ units,

$($b$)$ applied conversion costs to the production of $86$ units,

$($c$)$ actual conversion costs of $$817,000($credit "Various Accounts"$),$

$($d$)$ sale of $70$ units on credit, and

$($e$)$ ending inventory and cost of goods sold.

Compute the ending balances of Work in Process Inventory and Finished Goods Inventory. Assume each of these inventory accounts began the year with a balance of zero.

Complete this question by entering your answers in the tabs below.

Prepare journal entries to record $($a$)$ the purchase of raw materials on credit to produce $86$ units, $(b)$ applied conversion costs to the production of $86$ units, $($c$)$ actual conversion costs of $$817,000($credit "Various Accounts"$),($d$)$ sale of $70$ units on credit, and $($e$)$ ending inventory and cost of goods sold.

View transaction list

$\backslash$table$[[,$No$,$Transaction,General Journal,Debit$],[1,$a$.,$Work in process inventory,Credit,$],[,,$Accounts payable,$374,960,],[,,,,],[,2,$b$.,$Work in process inventory,$374,960],[,,$Conversion costs,$817,000,],[,,,,]]$Complete this question by entering your answers in the tabs below.

Required $1$

Prepare journal entries to record $($a$)$ the purchase of raw materials on credit to produce $86$ units, $($b$)$ applied conversion costs to the production of $86$ units, $($c$)$ actual conversion costs of $$817,000($credit "Various Accounts"$),($d$)$ sale of $70$ units on credit, and $($e$)$ ending inventory and cost of goods sold.

View transaction list

View journal entry worksheet

$\backslash$table$[[7,$No$,$Transaction,General Journal,Debit,Credit$],[1,$a$.,$Work in process inventory,,Credit$],[,,$Accounts payable,$374,960,],[,,,,374,960],[,2,$b$.,$Work in process inventory,,$],[,,$Conversion costs,$817,000,],[,,,,817,000],[7,3,$c$.,$Conversion costs,,.$],[,,$Various accounts,$817,000,],[,,,,817,000],[0,4,$d$.,$Accounts receivable,,$],[,,$Accounts receivable Sales,$1,092,000,],[,,,,1,092,000],[0,5,$e$.,,,],[,,$Accounts pasa inventory,$374,960,],[,,$Accounts payable,,$374,960]]$