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Provide journal entries conversion costs are applied to unit

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Reference no: EM132527676

Lean Accounting

Question 1: 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:

Question 1.1) Materials are purchased to produce 600 units.

Question 1.2) Conversion costs are applied to 550 units of production.

Question 1.3) 500 units are completed and placed into finished goods.

Reference no: EM132527676

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