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 3,700 figurines at a cost of $6,068.13. Of this amount, $1,850.00 was from raw materials added, $2,812.00 for labor and $1,406.00 for overhead. These 3,700 figurines were assumed to be 40.00% complete as to labor and overhead. During January, 25,000 units were started, $12,000.00 of materials and $46,018.00 of labor costs were incurred. The 4,000 figurines that were in-process at the end of January were assumed to be 25.00% complete to labor and overhead. All figurines in January passed inspection. January Physical Flow of Units Work-in-Process - Beginning units Units Started this Period units Units to Account for units Total transferred out units 24,700 units Work-in-Process - Ending 4,000 units Total Accounted for Equivalent Units Material (Round to three places, ##.###.###) Equivalent Units Conversion (Round to three places, ##.###.###) Total cost of Material (Round to two places, ##.###.##) Total cost of Conversion (Round to two places, ##.###.##) Total cost to account for (Round to two places, ##.###.##) Cost per equivalent unit of Material (Round to seven places, ###.#######) Cost per equivalent unit of Conversion (Round to seven places, ###.#######) Cost of the ending inventory, material and conversion (Round to two places, $###,###.## ) Cost of the units transferred, material and conversion (Round to two places, $###,###.## )