Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

image text in transcribed

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

Please show work :) Thanks!

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 inspection

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: LibbyShort

7th Edition

78111021, 978-0078111020

Students also viewed these Accounting questions