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can you help me complete the process costing and job order costing? The information on part 4 is for the first chart in process costing.
can you help me complete the process costing and job order costing?
The information on part 4 is for the first chart in process costing.
I See The Light Projected Income Statement For the Period Ending December 31, 20x1 I See The Light Projected Balance Sheet As of December 31,201 Current Assets Cash Accounts Receivable 534,710,0067,500,00 Inventory Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equily 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 3,600 figurines at a cost of $60,840.00. Of this amount, $57,600.00 was from raw materials added, $2,160.00 for labor and $1,080.00 for overhead. These 3,600 figurines were assumed to be 30.00% complete as to labor and overhead. During January, 23,000 units were started, $372,830.00 of materials and $50,340.00 of labor costs were incurred. The 3,500 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. NOLBING Physical Fiow of Units Wark-hh-Process - Beginning Unes Stared this Period Units to Aocount for Total transferred out Work-n Process - Ending Total Accounted for 112.011 112021 112.031 112.041 112.051 \begin{tabular}{|l|l|l|l|l|l|} \hline & & & & \\ \hline & & & & & \\ \hline & & & & \\ \hline Equivalera Units Material (Round to three pleces, Esintatent) & & \\ \hline \end{tabular} 112. 081 112.27) 112.641 \begin{tabular}{|l|l|l|l|l|l|} \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & \\ \hline Total cost of Material this period (Resund to teo places, ext antet an & & \\ \hline \end{tabular} 112.091 \begin{tabular}{|l|l|l|l|l|l|} \hline & & & & \\ \hline & & & & \\ \hline Total cos of Conversion the period (Round to two places. Ae. Wes. & \\ \hline \end{tabular} 112.10 \begin{tabular}{|l|l|l|l|l|l|} \hline & & & & \\ \hline & & & & \\ \hline Total cost to account for iReund to two places, 4 ant & & & \\ \hline \end{tabular} i12.114 112.121 \begin{tabular}{|l|l|l|l|l|l|} \hline & & & & \\ \hline & & & & \\ \hline Cont per equivalent unit of Convenion this period & Round to seven places, ass.atsermA \\ \hline \end{tabular} (12.131 (12.14) t12.15: Fotal Cost accounted for (Round to two places sand mine.0i) t12.14t To keep records of the actual cost of a special order job, a Job Order Cost System has been developed. Overhead is applied at the rate of 50% of the direct labor cost. Job Order Costing Section On Jamuary 1, 20x2, Division S began Job 2407 for the Client. THE BIG CHILDREN STOPE. The job called for 4,000 customized lamps. The following set of transactions occurred from January 5 until the job was completed: 5.Jan Purchased 4,025 Lamp Kits (i) $16.40 per kit. 9- Jan 4,100 sets of Lamp Kits were requisitioned, including all those in the Beginning Inventory. 17-Jan Payroll of 630 Direct Labor Hours \& $9.65 per hour. 30- Jan Payrol of 680 Direct Labor Hours (3) $9.90 per hour. 30-Jan 3.990 lamps were completed and shipped. All materials nequisitioned were used or scrapped, and are a cost of normal processing. Round to two places, \$atan an Cost of Dieart Material Incurrad in Manutachurina .lah 2407 [13.01] [13.02] Cost of {13.03] [13.04] Background Information I SEE THE LIGHT (ISTL) is a subchapter S corporation that manufactures children's lampsightlights for use in bedrooms. These lamps are sold nationwide through a group of independent sales representatives who have an exclusive sales region. The business is in its tenth year and has asked you to assist in planning for next year's operations. The lamps are ceramic figurines of animals, boats, boys and girls playing and singing, all in delightful colors. The owner of the business, Big Al, creates a drawing for the figurine and faxes it to a plant in China where a mold is created and a sample produced and hand painted. If the mold meets the expectations of Big Al an order of 500 lamp parts is placed. Each lamp kit consists of the parts required to complete one lamp; a figurine, a lamp shade and the required electrical components. There are presently 10 different figurines that come in six different colors; 60 models. There are presently 10 workers in the plant. They are responsible for receiving the raw material, manufacturing the product, packing and shipping. In addition to Big Al there are two office workers who are responsible for all administrative duties. Big Al had his accountant prepare the Projected Income Statement and Balance Sheet presented on page two. Big Al heard about your skills in managerial accounting and would like your assistance in the following areas: I See The Light Projected Income Statement For the Period Ending December 31, 20x1 I See The Light Projected Balance Sheet As of December 31,201 Current Assets Cash Accounts Receivable 534,710,0067,500,00 Inventory Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equily 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 3,600 figurines at a cost of $60,840.00. Of this amount, $57,600.00 was from raw materials added, $2,160.00 for labor and $1,080.00 for overhead. These 3,600 figurines were assumed to be 30.00% complete as to labor and overhead. During January, 23,000 units were started, $372,830.00 of materials and $50,340.00 of labor costs were incurred. The 3,500 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. NOLBING Physical Fiow of Units Wark-hh-Process - Beginning Unes Stared this Period Units to Aocount for Total transferred out Work-n Process - Ending Total Accounted for 112.011 112021 112.031 112.041 112.051 \begin{tabular}{|l|l|l|l|l|l|} \hline & & & & \\ \hline & & & & & \\ \hline & & & & \\ \hline Equivalera Units Material (Round to three pleces, Esintatent) & & \\ \hline \end{tabular} 112. 081 112.27) 112.641 \begin{tabular}{|l|l|l|l|l|l|} \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & \\ \hline Total cost of Material this period (Resund to teo places, ext antet an & & \\ \hline \end{tabular} 112.091 \begin{tabular}{|l|l|l|l|l|l|} \hline & & & & \\ \hline & & & & \\ \hline Total cos of Conversion the period (Round to two places. Ae. Wes. & \\ \hline \end{tabular} 112.10 \begin{tabular}{|l|l|l|l|l|l|} \hline & & & & \\ \hline & & & & \\ \hline Total cost to account for iReund to two places, 4 ant & & & \\ \hline \end{tabular} i12.114 112.121 \begin{tabular}{|l|l|l|l|l|l|} \hline & & & & \\ \hline & & & & \\ \hline Cont per equivalent unit of Convenion this period & Round to seven places, ass.atsermA \\ \hline \end{tabular} (12.131 (12.14) t12.15: Fotal Cost accounted for (Round to two places sand mine.0i) t12.14t To keep records of the actual cost of a special order job, a Job Order Cost System has been developed. Overhead is applied at the rate of 50% of the direct labor cost. Job Order Costing Section On Jamuary 1, 20x2, Division S began Job 2407 for the Client. THE BIG CHILDREN STOPE. The job called for 4,000 customized lamps. The following set of transactions occurred from January 5 until the job was completed: 5.Jan Purchased 4,025 Lamp Kits (i) $16.40 per kit. 9- Jan 4,100 sets of Lamp Kits were requisitioned, including all those in the Beginning Inventory. 17-Jan Payroll of 630 Direct Labor Hours \& $9.65 per hour. 30- Jan Payrol of 680 Direct Labor Hours (3) $9.90 per hour. 30-Jan 3.990 lamps were completed and shipped. All materials nequisitioned were used or scrapped, and are a cost of normal processing. Round to two places, \$atan an Cost of Dieart Material Incurrad in Manutachurina .lah 2407 [13.01] [13.02] Cost of {13.03] [13.04] Background Information I SEE THE LIGHT (ISTL) is a subchapter S corporation that manufactures children's lampsightlights for use in bedrooms. These lamps are sold nationwide through a group of independent sales representatives who have an exclusive sales region. The business is in its tenth year and has asked you to assist in planning for next year's operations. The lamps are ceramic figurines of animals, boats, boys and girls playing and singing, all in delightful colors. The owner of the business, Big Al, creates a drawing for the figurine and faxes it to a plant in China where a mold is created and a sample produced and hand painted. If the mold meets the expectations of Big Al an order of 500 lamp parts is placed. Each lamp kit consists of the parts required to complete one lamp; a figurine, a lamp shade and the required electrical components. There are presently 10 different figurines that come in six different colors; 60 models. There are presently 10 workers in the plant. They are responsible for receiving the raw material, manufacturing the product, packing and shipping. In addition to Big Al there are two office workers who are responsible for all administrative duties. Big Al had his accountant prepare the Projected Income Statement and Balance Sheet presented on page two. Big Al heard about your skills in managerial accounting and would like your assistance in the following areas Step by Step Solution
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