Reference no: EM132690778
Problem - Just-in-time accounting - Optic Matrix Inc. manufactures and assembles automobile instrument panels for both Yokohama Motors and Detroit Motors. The process consists of a just-in-time product cell for each customer's instrument assembly. The data that follow concern only the Yokohama just-in-time cell.
For the year, Optic Matrix Inc. budgeted the following costs for the Yokohama production cell:
Conversion Cost Categories - Budget
Labor $615,000
Supplies 96,000
Utilities 25,000
Total $736,000
Optic Matrix Inc. plans 3,200 hours of production for the Yokohama cell for the year. The materials cost is $125 per instrument assembly. Each assembly requires 24 minutes of cell assembly time. There was no November 1 inventory for either Raw and In Process Inventory or Finished Goods Inventory.
The following summary events took place in the Yokohama cell during November:
a. Electronic parts and wiring were purchased to produce 8,200 instrument assemblies in November.
b. Conversion costs were applied for the production of 8,000 units in November.
c. 7,850 units were started, completed, and transferred to finished goods in November.
d. 7,750 units were shipped to customers at a price of $400 per unit.
Instructions -
1. Determine the budgeted cell conversion cost per hour.
2. Determine the budgeted cell conversion cost per unit.
3. Journalize the summary transactions (a) through (d).
4. Determine the ending balance in Raw and In Process Inventory and Finished Goods Inventory.
5. How does the accounting in a JIT environment differ from traditional accounting?
|
What are the underlying social causes of crime
: What are the underlying social causes of crime that society should study and address? (Explain your answer from a sociological perspective)
|
|
What should be the carrying amount of the investment
: Sonnet paid dividends of P60,000 on October 1, 2020. In Darwin's December 31, 2019,what should be the carrying amount of this investment?
|
|
How much is the oust the turtle company cash on december
: How much is the Oust the Turtle Company's cash on December 31, 2020? Cash on hand includes $3. Exchange rate on balance sheet date is P50.25: $1
|
|
How revenues are being generated
: Do you believe that the auditor should look into how revenues are being generated? Do you think the auditors should have looked at the business practices
|
|
Determine the budgeted cell conversion cost per hour
: Electronic parts and wiring were purchased to produce 8,200 instrument assemblies in November. Determine the budgeted cell conversion cost per hour
|
|
How do auditors use company prior period financial statement
: How do you auditors use companies prior period financial statement data, their budget for the current year and industry comparisons to develop a plan
|
|
Discuss about restrictive food intake disorder
: Respond by providing at least two contributions about Restrictive Food Intake disorder for improving or including in their Parent Guide and at least two things.
|
|
How much should be reported as cash on december
: How much should be reported as cash on December 31, 2020? Cash on bank C set aside for payment of bonds payable, acquired on October 14, 2014, due on December.
|
|
Determine the amount of value-added and non-value-added
: Determine the amount of value-added and non-value-added lead time and the value-added ratio in this process for an average stereo unit in a batch of 80 units
|