Just-in-time accounting Optic Matrix Inc. manufactures and assembles automobile

Question

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:

Optic Matrix Inc. plans 3,200 hours of production for the Yokohama cell for the year. The materials cost is $71 per instrument assembly. Each assembly requires 20 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:

Instructions:

1. Determine the budgeted cell conversion cost per hour.
$ per hour

2. Determine the budgeted cell conversion cost per unit.
$ 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.

Please help with all the sections

Conversion Cost Categories Budget Labor $177,400 Supplies 67,200 Utilities 24,200 Total $268,800

Explanation / Answer

Budgeted Cell Conversion Cost per hour:

Budgeted Cell Conversion Cost per unit:

Journal

$ Total Conversion Cost 268800 Total No. of hours 3200 Budgeted Cell COnversion Cost per hour 84

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