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Lean Accounting Vintage Audio Inc. manufactures audio speakers. Each speaker requires $115 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period: Speaker assembly cell, estimated costs: Labor $37,640 Depreciation 5,050 Supplies 1,840 Power 1,370 Total cell costs for the period $45,900 The operating plan calls for 170 operating hours for the period. Each speaker requires 20 minutes of cell process time. The unit selling price for each speaker is $312. During the period, the following transactions occurred: 1. Purchased materials to produce 655 speaker units. 2. Applied conversion costs to production of 620 speaker units. 3. Completed and transferred 595 speaker units to finished goods. 4. Sold 570 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. 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. Raw and In Process Inventory 1. 75,325 Accounts Payable 75,325 2. Raw and In Process Inventory 45,900 X Conversion Costs 45,900 X Finished Goods Inventory 3. Raw and In Process Inventory 4. Sale Accounts Receivable Sales 4. Cost Cost of Goods Sold Il Finished Goods Inventory 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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