Lean Accounting Assignment | Top Universities

Lean Accounting

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Modern Lighting Inc. manufactures lighting fixtures, using lean manufacturing methods. Style Omega has a materials cost per unit of $34. The budgeted conversion cost for the year is $172,500 for 2,500 production hours. A unit of Style Omega requires 15 minutes of cell production time. The following transactions took place during June:

  1. Materials were acquired to assemble 870 Style Omega units for June.
  2. Conversion costs were applied to 870 Style Omega units of production.
  3. 810 units of Style Omega were completed in June.
  4. 760 units of Style Omega were sold in June for $100 per unit.

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a. Determine the budgeted cell conversion cost per hour. If required, round to the nearest cent.
$ per hour

b. Determine the budgeted cell conversion cost per unit. If required, round to the nearest cent.
$ per unit

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a. Budgeted conversion cost ÷ production hours = Conversion cost per hour

b. (Cell process time ÷ 60 minutes) x Conversion rate from Req. (a) = Conversion cost per unit

Learning Objective 2.

c. Journalize the summary transactions (1)–(4) for June. If required, round your answers to one decimal place.

1. Accounts Payable
Accounts Receivable
4. Sale
4. Cost

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