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Additional Information: Figurines cost: 9.614 Electrical Sets Cost: 1.30625 Lamp Shade Cost: 6.27 Labor Cost: 2.39625 Variable Overhead Cost: .2385 Variable Selling Cost: 3.31694 Variable
Additional Information:
Figurines cost: 9.614
Electrical Sets Cost: 1.30625
Lamp Shade Cost: 6.27
Labor Cost: 2.39625
Variable Overhead Cost: .2385
Variable Selling Cost: 3.31694
Variable Administrative: .0621
Fixed overhead: 270000
Fixed Selling: 27000
Fixed administrative: 56000
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General Information The I See The Light Company has a related company that produces the figurines. They use process costing in the molding department. The factory overhead is applied at a rate of 50% of direct labor dollars. The material is added at the beginning of the process. The labor and overhead costs are assumed to be added uniformly throughout. Month of January Selected information for January is presented below. Note that the applied overhead rate was 50% of direct labor costs in the molding department. Molding Department Goods in-process as of January 1 were 3,400 figurines at a cost of $65,150.00. Of this amount, $1,700.00 was from raw materials added, $42,300.00 for labor and $21,150.00 for overhead. These 3,400 figurines were assumed to be 90.00% complete as to labor and overhead. During January, 23,500 units were started, $15,040.00 of materials and $25,450.00 of labor costs were incurred. The 5,000 figurines that were in-process at the end of January were assumed to be 70.00% complete to labor and overhead. All figurines in January passed inspectionStep by Step Solution
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