Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

BOXES IN RED ARE INCCORECT PLEASE HELP! General Information The I See The Light Company has a related company that produces the figurines. They use

image text in transcribed

BOXES IN RED ARE INCCORECT PLEASE HELP!

image text in transcribed

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 2,900 figurines at a cost of $49,880.00. Of this amount, $46,400.00 was from raw materials added, $2,320.00 for labor and $1,160.00 for overhead. These 2,900 figurines were assumed to be 40.00% complete as to labor and overhead. During January, 26,000 units were started, $421,980.00 of materials and $43,480.00 of labor costs were incurred. The 7,500 figurines that were in-process at the end of January were assumed to be 20.00% complete to labor and overhead. MOLDING Physical Flow of Units Work-in-Process - Beginning Units Started this Period Units to Account for Total transferred out Work-in-Process - Ending Total Accounted for Equivalent Units Material (Round to three places, \#\#.\#\#.\#\#\#) 27,160.00 units {12.06} Equivalent Units Conversion (Round to three places, \#\#.\#\#.\#\#) 28,660.00 units {12.07} Total cost in the Beginning Inventory (Round to two places, \#\#,\#\#.\#\#) $49,880.00 {12.08} Total cost of Material this period (Round to two places, \#\#.\#\#.\#\#) $421,980.00 {12.09} Total cost of Conversion this period (Round to two places, \#\#.\#\#.\#\#) $43,480.00 {12.10} Total cost to account for (Round to two places, \#\#.\#\#.\#) $515,340.00 {12.11} Cost per equivalent unit of Material this period (Round to seven places, \#\#. $15.5200000 {12.12} \begin{tabular}{|l|l|l|} \hline Cost per equivalent unit of Conversion this period (Round to seven places, \#\#. & $1.5200000 \\ \hline \end{tabular} {12.13} Cost of the units transferred, material and convesion (Round to two places, \$\#\#,\#\#\#.\# ) $421,811.20 {12.14} Cost of the ending inventory, material and convesion (Round to two places, \$\#\#,\#\#\#.\# ) $27,720.00 {12.15} Total Cost accounted for (Round to two places, $##,\#\#\#.\#\# ) $$49,531.20 {12.16}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Information Security And Auditing In The Digital Age

Authors: Amjad Umar

1st Edition

097274147X, 978-0972741477

More Books

Students also viewed these Accounting questions