Answered step by step
Verified Expert Solution
Question
1 Approved Answer
answer the cells that are highlighted in yellow PART 4 MOLDING Physical Flow of Units Process Costing - Weighted Average Work-in-Process - Beginning Units Started
answer the cells that are highlighted in yellow
PART 4 MOLDING Physical Flow of Units Process Costing - Weighted Average Work-in-Process - Beginning Units Started this Period Units to Account for General Information Total transferred out Work-in-Process - Ending Total Accounted for {12.01} (12.02) 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. Equivalent Units Material (Round to two places, ##.###.##) {12.03) Equivalent Units Conversion (Round to two places, ###**#.##) {12.04) Total cost of Material (Round to two places, ##.###.###) {12.05) 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. Total cost of Conversion (Round to two places, ##.#**.##) Total cost to account for (Round to two places, ##.###.###) {12.06) {12.07) Cost per equivalent unit of Material (Round to two places, #**#.##) {12.08) Molding Department Cost per equivalent unit of Conversion (Round to two places, ####.##) {12.09} Goods in-process as of January 1 were 3,600 figurines at a cost of $70,695.00. Of this amount, $5,760.00 was from raw materials added, $43,290.00 for labor and $21,645.00 for overhead. These 3,600 figurines were assumed to be 90.00% complete as to labor and overhead. During January, 26,000 units were started, $41,600.00 of materials and $38,190.00 of labor costs were incurred. Cost of the ending inventory, material and convesion (Round to two places, $#*#.###.##) {12.10) The 5,000 figurines that were in-process at the end of January were assumed to be 90.00% complete to labor and overhead. All figurines in January passed inspection. Cost of the units transferred, material and convesion (Round to two places, $######## {12.11} PART 4 MOLDING Physical Flow of Units Process Costing - Weighted Average Work-in-Process - Beginning Units Started this Period Units to Account for General Information Total transferred out Work-in-Process - Ending Total Accounted for {12.01} (12.02) 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. Equivalent Units Material (Round to two places, ##.###.##) {12.03) Equivalent Units Conversion (Round to two places, ###**#.##) {12.04) Total cost of Material (Round to two places, ##.###.###) {12.05) 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. Total cost of Conversion (Round to two places, ##.#**.##) Total cost to account for (Round to two places, ##.###.###) {12.06) {12.07) Cost per equivalent unit of Material (Round to two places, #**#.##) {12.08) Molding Department Cost per equivalent unit of Conversion (Round to two places, ####.##) {12.09} Goods in-process as of January 1 were 3,600 figurines at a cost of $70,695.00. Of this amount, $5,760.00 was from raw materials added, $43,290.00 for labor and $21,645.00 for overhead. These 3,600 figurines were assumed to be 90.00% complete as to labor and overhead. During January, 26,000 units were started, $41,600.00 of materials and $38,190.00 of labor costs were incurred. Cost of the ending inventory, material and convesion (Round to two places, $#*#.###.##) {12.10) The 5,000 figurines that were in-process at the end of January were assumed to be 90.00% complete to labor and overhead. All figurines in January passed inspection. Cost of the units transferred, material and convesion (Round to two places, $######## {12.11}Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started