Vintage Audio Inc. manufactures audio speakers. Each speaker requires $100 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period: Speaker assembly cell, estimated costs:    Labor $69,080      Depreciation 9,270      Supplies 3,370      Power 2,520        Total cell costs for the period $84,240   The operating plan calls for 180 operating hours for the period. Each speaker requires 10 minutes of cell process time. The unit selling price for each speaker is $271. During the period, the following transactions occurred: Purchased materials to produce 580 speaker units. Applied conversion costs to production of 550 speaker units. Completed and transferred 530 speaker units to finished goods. Sold 505 speaker units. There were no inventories at the beginning of the period.

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Author:Jay Rich, Jeff Jones
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Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 23CE: Inventory Costing: LIFO Refer to the information for Filimonov Inc. and assume that the company uses...
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Lean Accounting

Vintage Audio Inc. manufactures audio speakers. Each speaker requires $100 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period:

Speaker assembly cell, estimated costs:
   Labor $69,080  
   Depreciation 9,270  
   Supplies 3,370  
   Power 2,520  
     Total cell costs for the period $84,240  

The operating plan calls for 180 operating hours for the period. Each speaker requires 10 minutes of cell process time. The unit selling price for each speaker is $271. During the period, the following transactions occurred:

  1. Purchased materials to produce 580 speaker units.
  2. Applied conversion costs to production of 550 speaker units.
  3. Completed and transferred 530 speaker units to finished goods.
  4. Sold 505 speaker units.

There were no inventories at the beginning of the period.

a. Journalize the summary transactions (1)-(4) for the period. Round the per unit cost to the nearest cent and use in subsequent computations. If an amount box does not require an
entry, leave it blank.
1.
3.
4. Sale
4. Cost
b. Determine the ending balance of raw and in process inventory and finished goods inventory.
Raw and In Process Inventory, ending balance
Finished Goods Inventory, ending balance
$
Transcribed Image Text:a. Journalize the summary transactions (1)-(4) for the period. Round the per unit cost to the nearest cent and use in subsequent computations. If an amount box does not require an entry, leave it blank. 1. 3. 4. Sale 4. Cost b. Determine the ending balance of raw and in process inventory and finished goods inventory. Raw and In Process Inventory, ending balance Finished Goods Inventory, ending balance $
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