Lean Accounting
The annual budgeted conversion costs for a lean cell are $180,000 for 2,000 production hours. Each unit produced by the cell requires 18 minutes of cell process time. During the month, 550 units are manufactured in the cell. The estimated materials costs are $32 per unit. Provide the following journal entries:
a. Materials are purchased to produce 600 units.
b. Conversion costs are applied to 550 units of production.
c. 500 units are completed and placed into finished goods.
a. Raw and In Process Inventory
Accounts Payable
b. Raw and In Process Inventory
Conversion Costs
c. Finished Goods Inventory
Raw and In Process Inventory
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