A 4 PART 4 6 7 B C D E F G H J K Process Costing - First-In First-Out 8 General Information 9 10 The I See The Light Company has a related company that produces the figurines. They use process costing 11 in the molding department. The factory overhead is applied at a rate of 50% of direct labor dollars. 12 The material is added at the beginning of the process. The labor and overhead costs are assumed 13 to be added uniformly throughout. 21 23 24 25 2222 33 34 Month of January 35 36 Selected information for January is presented below. Note that the applied overhead rate was 37 50% of direct labor costs in the molding department. 44 45 46 47 Molding Department 481 49 Goods in-process as of January 1 were 3,700 figurines at a cost of $62,530.00. Of this amount, $59,200.00 was from 57 raw materials added, $2,220.00 for labor and $1,110.00 for overhead. These 3,700 figurines were assumed to be 58 30.00 % complete as to labor and overhead. 59 60 During January, 26,000 units were started, $420,940.00 of materials and $45,980.00 of labor costs were incurred. 61 69 The 7,000 figurines that were in-process at the end of January were assumed to be 20.00 % complete to 70 labor and overhead. 71 72 All figurines in January passed inspection. 73 81 82 83