Lean Accounting Modern Lighting Inc. manufactures lighting fixtures, using lean manufacturing methods. Style Omega has...

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Accounting

Lean Accounting

Modern Lighting Inc. manufactures lighting fixtures, using lean manufacturing methods. Style Omega has a materials cost per unit of $27. The budgeted conversion cost for the year is $81,600 for 1,600 production hours. A unit of Style Omega requires 20 minutes of cell production time. The following transactions took place during June:

Materials were acquired to assemble 740 Style Omega units for June.

Conversion costs were applied to 740 Style Omega units of production.

690 units of Style Omega were completed in June.

640 units of Style Omega were sold in June for $90 per unit.

a. Determine the budgeted cell conversion cost per hour. If required, round to the nearest cent. fill in the blank 1 of 1$ per hour

b. Determine the budgeted cell conversion cost per unit. If required, round to the nearest cent. fill in the blank 1 of 1$ per unit

c. Journalize the summary transactions (1)(4) for June. If required, round your answers to one decimal place. If an amount box does not require an entry, leave it blank.

Transaction	Account	Debit	Credit
1.	Accounts PayableConversion CostsCost of Goods SoldFinished Goods InventoryRaw and In Process Inventory	- Select -	- Select -
	Accounts PayableConversion CostsCost of Goods SoldFinished Goods InventoryRaw and In Process Inventory	- Select -	- Select -
2.	Accounts PayableConversion CostsCost of Goods SoldFinished Goods InventoryRaw and In Process Inventory	- Select -	- Select -
	Accounts PayableConversion CostsCost of Goods SoldFinished Goods InventoryRaw and In Process Inventory	- Select -	- Select -
3.	Accounts PayableConversion CostsCost of Goods SoldFinished Goods InventoryRaw and In Process Inventory	- Select -	- Select -
	Accounts PayableConversion CostsCost of Goods SoldFinished Goods InventoryRaw and In Process Inventory	- Select -	- Select -
4. Sale	Accounts ReceivableConversion CostsCost of Goods SoldFinished Goods InventorySales	- Select -	- Select -
	Accounts ReceivableConversion CostsCost of Goods SoldFinished Goods InventorySales	- Select -	- Select -
4. Cost	Accounts ReceivableConversion CostsCost of Goods SoldFinished Goods InventorySales	- Select -	- Select -
	Accounts ReceivableConversion CostsCost of Goods SoldFinished Goods InventorySales	- Select -	- Select -

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