A B C D E F G H J K 4 PART 4 6 7 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 22 23 24 25 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. 45 44 46 47 Molding Department 48 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 13 14 15 16 MOLDING 17 26 Physical Flow of Units 27 28 Work-in-Process - Beginning 29 Units Started this Period 30 Units to Account for 39 40 Total transferred out 41 Work-in-Process-Ending 42 Total Accounted for 43 52 53 54 55 50 65 Equivalent Units Material (Round to three places, 5.888.000) 66 67 68 January 3,700 units (12.01) 26,000 units 29,700 units (12.02) 22,700 units (12.03) 7,000 units (12.04) 29,700 units (12.05) (12.06) 78 Bi 0 P 79 Equivalent Units Conversion (Round to three places, ..) 80 81 52 95 22,990.00 units (12.07) 92 N 931 94 95 Total cost in the Beginning Inventory (Round to two places, 8,088.80) 12104 105 106 12 107 62,530.00 108 12 Introduction FAQ 1 2 @11 121 13 (12.08) 104 105 106 107 108 117 D 118 Total cost of Material this period (Round to two places, ##.###.##) 119 120 121 122 123 Total cost of Conversion this period (Round to two places, #..) 124 125 126 127 128 Total cost to account for (Round to two places, 8.00.04) 129 130 131 F 132 Cost per equivalent unit of Material this period (Round to seven places, 8.00) 133 134 135 136 137 Cost per equivalent unit of Conversion this period (Round to seven places, N.) 138 139 140 141 142 (12.09) (12.10) (12.11) 16.1663300 (12.12) (12.13) 143 144 Cost of the units transferred, material and convesion (Round to two places, Se88,N.ON) 145 (12.14) 146 147 148 149 150 151 152 Cost of the ending inventory, material and convesion (Round to two places, 5888,we.N 153 154 155 Total Cost accounted for (Round to two places, $ONE,NON. Introduction FAQ (12.15) (12.16) 11 12 13 +