Question Just-in-Time Journal Entries The annual budgeted conversioncosts for a just-in-time cell are $819,000 for 1,950 productionhours. Each unit produced by the cell requires 16 minutes of cellprocess time. During the month, 630 units are manufactured in thecell. The estimated materials costs are $270 per unit. Provide thefollowing journal entries: a. Materials are purchased to produce650 units. b. Conversion costs are applied to 630 units ofproduction. c. 625 units are completed and placed into finishedgoods. Hide a. b. c.
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Just-in-Time Journal Entries The annual budgeted conversioncosts for a just-in-time cell are $819,000 for 1,950 productionhours. Each unit produced by the cell requires 16 minutes of cellprocess time. During the month, 630 units are manufactured in thecell. The estimated materials costs are $270 per unit. Provide thefollowing journal entries: a. Materials are purchased to produce650 units. b. Conversion costs are applied to 630 units ofproduction. c. 625 units are completed and placed into finishedgoods. Hide a. b. c.
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- 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 Costs18,975The 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.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?
- Lean Accounting The 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.Lean Accounting The annual budgeted conversion costs for a lean cell are $155,800 for 1,900 production hours. Each unit produced by the cell requires 9 minutes of cell process time. During the month, 2,790 units are manufactured in the cell. The estimated materials costs are $76 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 2,940 units. b. Conversion costs are applied to 2,790 units of production. c. The cell completes 2,650 units, which are placed into finished goods. If an amount box does not require an entry, leave it blank. a. ? ? ? ? b. ? ? ? ? c. ? ? ? ?Lean Accounting The annual budgeted conversion costs for a lean cell are $229,680 for 2,900 production hours. Each unit produced by the cell requires 10 minutes of cell process time. During the month, 1,800 units are manufactured in the cell. The estimated materials costs are $38 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 1,890 units. b. Conversion costs are applied to 1,800 units of production. c. The cell completes 1,710 units, which are placed into finished goods. If an amount box does not require an entry, leave it blank. а. b.
- 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 207,350Bright 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…Lean Accounting The annual budgeted conversion costs for a lean cell are $151,200 for 2,800 production hours. Each unit produced by the cell requires 18 minutes of cell process time. During the month, 2,940 units are manufactured in the cell. The estimated materials cost is $67 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 3,090 units. b. Conversion costs are applied to 2,940 units of production. c. 2,790 units are completed and placed into finished goods. a 00
- 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 Xhe 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 Finished Goods Inventory 207,350 b. Finished Goods Inventory Raw and In Process Inventory 239,800 c. Raw and In Process Inventory Finished Goods Inventory 239,800 239,800 d. Finished Goods Inventory 207,350 Raw and In Process Inventory 207,350Scotch 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,…