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SM2594 [Compatibility ILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Cut A A MS Sans Serif 10 Wrap Text General C Copy aste I A U EE Merge & Center Format Painter Clipboard Font Alignment Number A1 A C D G 4 PART 4 Process Costing -Weighted Average 6 7 8 General Information 17 18 The I See The Light Company has a related company that produces the figurines They use process costing 19 in the molding department. The factory overhead is applied at a rate of 50% of direct labor dollars 20 The material is added at the beginning of the process. The labor and overhead costs are assumed 21 to be added uniformly throughout 30 31 32 33 34 43 Month of January 44 45 Selected information for January is presented below Note that the applied overhead rate was 46 50% of direct labor costs in the molding department 47 56 67 Molding Department 58 59 Goods in-process as of January 1 were 3.600 figurines at a cost of $31 902.00 Of this amount. S2.232 00 was from 60 raw materials added $19,780 00 for labor and $9.890.00 for overhead These 3.600 figurines were assumed to be 18 Present Value T 17 15 16 14 13 11 12 10 READY e Type here to search SM2594 [Compatibi VIEW REVIEW FORMULAS DATA PAGE LAYOUT FILE INSERT HOME eXCut General A A Wrap Text MS Sans Serif 10 Copy aste % Merge & Center A EE BIU Format Painter Num Alignment Font Clipboard X fr A1 J H G F E C 43 Month of January 44 45 Selected information for January is presented below. Note that the applied overhead rate was 46 50% of direct labor costs in the molding department 47 56 57 Molding Department 59 Goods in-process as of January 1 were 3,600 figurines at a cost of $31,902.00. Of this amount, $2,232.00 was from 60 raw materials added, $19,780.00 for labor and $9,890.00 for overhead. These 3,600 figurines were assumed to be 69 40.00% complete as to labor and overhead. 70 58 71 During January, 23,000 units were started, $11,500.00 of materials and $53,850.00 of labor costs were incurred 72 73 The 5,000 figurines that were in-process at the end of January were assumed to be 90.00% complete to 82 labor and overhead. 83 84 All figurines in January passed inspection. 85 86 SM2594 [Compatibility Mode]- Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW INSERT FILE HOME XCut A A General 8.5 Wrap Text MS Sans Serif P Copy Paste Co For Merge & Center $ % , A EE Format Painten IU Number Alignment Font Clipboard A1 G F C January 6 7 8 MOLDING Physical Flow of Units 19 20 21 Work-in-Process -Beginning Units Started this Period 22 Units to Account for 23 33 34 Total transferred out 35 Work-in-Process - Ending 36 Total Accounted for (12.01) (12.02) 37 47 12.03) 48 49 Equivalent Units Material (Round to three places, # # ### ###} 50 51 61 Equivalent Units Conversion (Round to three places, ## ## # # # # ) (12.04) 62 63 12.05) 64 65 Total cost of Material (Round to two places, ## ### ## ) 75 18 Present Value T 17 16 15 14 12 13 11 10 READY O e Type here to search H 5 : SM2594 [Compatibility Mode]- Excel FORMULAS PAGE LAYOUT DATA REVIEW VIEW FILE HOME INSERT Cut A A MS Sans Serif 8.5 General Wrap Text Copy Ce SE E Merge & Center Paste $.% BIU A Format Painter For Alignment Number Clipboard Font A1 G C D E F B 50 51 (12.04 61 Equivalent Units Conversion (Round to three places, ## # ## ###} 62 63 64 (12.05) 65 Total cost of Material (Round to two places, # # # # # ##) 75 76 (12.06) {12.07) 77 Total cost of Conversion (Round to two places, # ### # ##) 78 Total cost to account for (Round to two places, ##.## # # # ) 79 89 90 12.08) 91 Cost per equivalent unit of Material (Round to seven places, ## # #### 92 93 12.09) 103 Cost per equivalent unit of Conversion (Round to seven places, ### # #### ) 104 105 106 107 117 118 119 Cost of the ending inventory, material and convesion (Round to two places. S### (12.10 18 Present Value T. 17 16 12 13 14 15 11 7 8 10 6 READY Type here to search SM2594 [Compatibility Mode] - Excel VIEW DATA REVIEW INSERT PAGE LAYOUT FORMULAS HOME FILE XCut A A 8.5 Wrap Text General MS Sans Serif E Copy Paste A EE Cor $ - % , Merge & Center BIU Format Painter Forn Number Alignment Font Clipboard A1 G H F C E B 12.08) 91 Cost per equivalent unit of Material (Round to seven places, # ######) 92 93 (12.09) 103 Cost per equivalent unit of Conversion (Round to seven places, ## #######) 104 105 106 107 117 118 (12.10) 119 Cost of the ending inventory, material and convesion (Round to two places. $## # ### ## 120 121 131 132 133 134 135 (12.11) 136 Cost of the units transferred, material and convesion (Round to two places. S###, ### ## 137 138 139 140 141 142 143