Lean AccountingThe annual budgeted conversion costs for a lean cell are $70,500 for 1,500 production hours. Each unit produced by the cell requires 18 minutes of cell process time..During the month, 1,050 units are manufactured in the cell. The estimated materials costs are $52 per unit.(Round the per unit cost to the nearest cent and use in subsequent computations. If required, round your answers to the nearest dollar.)Journalize the following entries for the month:a. Materials are purchased to produce 1,110 units.b. Conversion costs are applied to 1,050 units of production.c. The cell completes 1,000 units, which are placed into finished goods.If an amount box does not require an entry, leave it blank.a.b.

Journal Entry :— It is an act of recording transactions in books of account when transaction…

Answered: mearest dollar)

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter13: Lean Manufacturing And Activity Analysis

Section: Chapter Questions

Problem 3BE

See similar textbooks

Similar questions

Bright Lamp Company has budgeted its conversion cost for small lamp production as $85,000 for 1,300 production hours. Each unit produced by the cell requires 15 minutes of process time. During the month, 3,800 units are manufactured in the cell. The estimated materials cost is $18 per unit. Journalize entries for the following: In your computations, round per unit cost to two decimal places and use rounded amount in subsequent calculations. If required, round your final answers to the nearest dollar. a. Materials are purchased on account to produce 4,000 units. fill in the blank fc414f04ff7ffe4_2 fill in the blank fc414f04ff7ffe4_3 fill in the blank fc414f04ff7ffe4_5 fill in the blank fc414f04ff7ffe4_6 b. Conversion costs are applied to 3,800 units of production. fill in the blank f19abaf38064022_2 fill in the blank f19abaf38064022_3 fill in the blank f19abaf38064022_5 fill in the blank f19abaf38064022_6 c. The cell…
The budgeted conversion costs for a just-in-time cell are $202,400 for 4,000 production hours. Each unit produced by the cell requires 15 minutes of cell process time. During the month, 1,500 units are manufactured in the cell. The estimated materials cost is $55 per unit.What would be the journal entry to record the conversion costs applied to the 1,500 units of production? a. Finished Goods Inventory18,975 Conversion Costs18,975 b. Raw and In Process Inventory75,900 Conversion Costs75,900 c. Finished Goods Inventory75,900 Conversion Costs75,900 d. Raw and In Process Inventory18,975 Conversion Costs18,975
The annual budgeted conversion costs for a lean cell are $554,400 for 3,300 production hours. Each unit produced by the cell requires 6 minutes of cell process time. During the month, 1,080 units are manufactured in the cell. The estimated materials costs are $71 per unit. (Round the per unit cost to the nearest cent and use in subsequent computations. If required, round your answers to the nearest dollar.) Journalize the following entries for the month: a. Materials are purchased to produce 1,140 units. b. Conversion costs are applied to 1,080 units of production. c. The cell completes 1,030 units, which are placed into finished goods. If an amount box does not require an entry, leave it blank. Entries Account Debit Credit a. b. c.
Lean Accounting The annual budgeted conversion costs for a lean cell are $127,440 for 2,400 production hours. Each unit produced by the cell requires 20 minutes of cell process time. During the month, 2,420 units are manufactured in the cell. The estimated materials costs are $47 per unit. (Round the per unit cost to the nearest cent and use in subsequent computations. If required, round your answers to the nearest dollar.) Journalize the following entries for the month: a. Materials are purchased to produce 2,550 units. b. Conversion costs are applied to 2,420 units of production. c. The cell completes 2,300 units, which are placed into finished goods. If an amount box does not require an entry, leave it blank. a. b. C.
a product cell for wallace company has budgeted conversion costs of $420,000 for the year. the cell is planned to be available 2,100 hours for production. each unit requires $12.50 of materials cost. the cell started and completed 700 units. the cell process time for the product is 15 minutes per unit. what is the cost(s) to be debited to finished goods for the period?
Scotch Brand Products produces packaging tape and has determined the following to be its standard cost of producing one case of budget packaging tape: Material (3.50 ounces at $1.30 per ounce) $4.55 Labor (0.30 hour at $12.00 per hour) 3.60 Overhead 2.70 Total $10.85 At the start of 2021, Scotch Brand planned to produce 20,000 cases of tape during the year. Overhead is allocated based on the number of cases of tape produced. Annual fixed overhead is budgeted at $18,000 and the variable overhead costs are budgeted at $1.80 per case. The following information summarizes the results for 2021: Actual production, 21,000 cases Purchased 275,000 ounces of material at a total cost of $343,750 Used 266,250 ounces of material in production Employees worked 22,000 hours, total labor cost $275,000 Actual overhead incurred,…
Scotch Brand Products produces packaging tape and has determined the following to be its standard cost of producing one case of budget packaging tape: Material (3.50 ounces at $1.30 per ounce) $4.55 Labor (0.30 hour at $12.00 per hour) 3.60 Overhead 2.40 Total $10.55 At the start of 2021, Scotch Brand planned to produce 80,000 cases of tape during the year. Overhead is allocated based on the number of cases of tape produced. Annual fixed overhead is budgeted at $64,000 and the variable overhead costs are budgeted at $1.60 per case. The following information summarizes the results for 2021: Actual production, 81,000 cases Purchased 275,000 ounces of material at a total cost of $343,750 Used 266,250 ounces of material in production Employees worked 22,000 hours, total labor cost $275,000 Actual overhead incurred,…
The Bright Lamp Company has budgeted its conversion cost for the small lamp production as $85,000 for 1,300 production hours. Each unit produced by the cell requires 15 minutes of process time. During the month, 3,800 units are manufactured in the cell. The estimated material cost is $18 per unit. Provide the following journal entries. a) Materials are purchased to produce 4,000 units. (b) Conversion costs are applied to 3,800 units of production. (Please round to nearest cent.) (c) 3,650 units are placed into finished goods
A company estimates its manufacturing overhead will be $630,000 for the next year. What is the predetermined overhead rate given the following independent allocation bases? When required, round your answers to nearest cent. A. Budgeted direct labor hours: 72,000 $______ per direct labor hour B. Budgeted direct labor expense: $1,800,000 $_____ per direct labor dollar C. Estimated machine hours: 120,000 $_____ per machine hour
The budgeted conversion costs for a just-in-time cell are $224,200 for 3,800 production hours. Each unit produced by the cell requires 45 minu process time. During the month, 2,300 units are manufactured in the cell. The estimated materials cost is $50 per unit. What is the journal ent units are completed and placed into finished goods? a. Raw and In Process Inventory 207,350 Finished Goods Inventory 207,350 Ob. Finished Goods Inventory 239,800 Raw and In Process Inventory 239,800 ○ c. Raw and In Process Inventory 239,800 Finished Goods Inventory 239,800 Od. Finished Goods Inventory 207,350 Raw and In Process Inventory 207,350
Lean Accounting The annual budgeted conversion costs for a lean cell are $181,440 for 2,700 production hours. Each unit produced by the cell requires 15 minutes of cell process time. During the month, 940 units are manufactured in the cell. The estimated materials costs are $45 per unit. (Round the per unit cost to the nearest cent and use in subsequent computations. If required, round your answers to the nearest dollar.) Journalize the following entries for the month: a. Materials are purchased to produce 990 units. b. Conversion costs are applied to 940 units of production. c. The cell completes 890 units, which are placed into finished goods. If an amount box does not require an entry, leave it blank. Accounts Payable x 44,550 V а. Cash x 44,550 h Conversion Costs x 63,168 X Cash x 63,168 X Finished Goods Inventory x 186,736 X С. Cash X 186,736 X
A company estimates its manufacturing overhead will be $1,080,000 for the next year. What is the predetermined overhead rate given the following independent allocation bases? When required, round your answers to nearest cent. A. Budgeted direct labor hours: 72,000 $fill in the blank 1 per direct labor hour B. Budgeted direct labor expense: $1,800,000 $fill in the blank 2 per direct labor dollar C. Estimated machine hours: 120,000 $fill in the blank 3 per machine hour

SEE MORE QUESTIONS

Recommended textbooks for you

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

SEE MORE TEXTBOOKS