Vintage Audio Inc. manufactures audio speakers. Each speaker requires $48 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period:

Speaker assembly cell, estimated costs:

Labor.......................................$30,000

Depreciation.............................12,000

Supplies.......................................6,000

Power..........................................2,000

Total cell costs for the period............$50,000

The operating plan calls for 800 operating hours for the period. Each speaker requires 24 minutes of cell process time. The unit selling price for each speaker is $90. During the period, the following transactions occurred:

1. Purchased materials to produce 2,000 speaker units.

2. Applied conversion costs to production of 1,800 speaker units.

3. Completed and transferred 1,700 speaker units to finished goods.

4. Sold 1,600 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 of Raw and In Process Inventory and Finished Goods Inventory.