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 3,100 figurines at a cost of $57,970.00. Of this amount, $49,600.00 was from raw materials added, $5,580.00 for labor and $2,790.00 for overhead. These 3,100 figurines were assumed to be 90.00% complete as to labor and overhead. During January, 22,500 units were started, $362,025.00 of materials and $37,820.00 of labor costs were incurred. The 6,500 figurines that were in-process at the end of January were assumed to be 40.00% complete to labor and overhead. All figurines in January passed inspection. 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 \begin{tabular}{|r|} \hline 3,100 units \\ \hline 22,500 units \\ \hline 25,600 units \\ \hline 19,100 units \\ \hline 6,500 units \\ \hline 25,600 units \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|r|} \hline & & & & Inventory in Process & \\ \hline & & & Started \& Completed & 0 \\ \hline & & & Transferd & 16800 \\ \hline & & & & 16800 \\ \hline & & & & 2600 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|r|} \hline & & & & inventory in proccess & \\ \hline & & & & started and completed & 310 \\ \hline & & & transferd out & 16000 \\ \hline & & & inventoru in proccess & 16000 \\ \hline & & & Units to be assigned cost & & 1600 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|} \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|} \hline & & & & & \\ \hline & & & & & \\ \hline & & & & \\ \hline \multicolumn{2}{|l|}{ Total cost of Conversion this period (Round to two places, \#\#.\#\#\#.\#\#) } & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|l|} \hline 09 & Jun 16 & 4100 & Computer \& Consulting & performed services & & 8,000.00 \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|r|r|r|l|l|r|r|} \hline 10 & Jun 16 & 1510 & Land & Bought land and building & 15,000.00 & \\ \hline 10 & Jun 16 & 1411 & Building Cost & Bought land and building & 80,000.00 & \\ \hline 10 & Jun 16 & 1110 & Cash & Bought land and building & & 9,500.00 \\ \hline 10 & Jun 16 & 2201 & Mortgage Payable & Bought land and building & & 85,500.00 \\ \hline \end{tabular} \begin{tabular}{|r|r|r|l|l|r|r|} \hline 11 & Jun 17 & 5030 & Advertising Expense & For advertising & 250.00 & \\ \hline 11 & Jun 17 & 2101 & Accounts Payable & For advertising & & 250.00 \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|r|r|r|l|l|r|r|} \hline 12 & Jun 17 & 1140 & Prepaid Rent & Paid rent for 2 months & 4,000.00 & \\ \hline 12 & Jun 17 & 1110 & Cash & Paid rent for 2 months & & 4,000.00 \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|r|r|r|l|l|r|r|r|} \hline 13 & Jun 21 & 5040 & Repairs \& Maint. Expen & For repairs & 1,290.00 & \\ \hline 13 & Jun 21 & 2101 & Accounts Payable & For repairs & & & 1,290.00 \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|r|r|r|l|l|r|r|} \hline 15 & Jun 21 & 2101 & Accounts Payable & Paid of accouts & 3,280.00 & \\ \hline 15 & Jun 21 & 1110 & Cash & Paid of accouts & & 3,280.00 \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|l|l|l|l|l|l|l|l} \hline 16 & & & & & & & \\ \hline & & & & & & & \\ \hline \end{tabular} 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 3,100 figurines at a cost of $57,970.00. Of this amount, $49,600.00 was from raw materials added, $5,580.00 for labor and $2,790.00 for overhead. These 3,100 figurines were assumed to be 90.00% complete as to labor and overhead. During January, 22,500 units were started, $362,025.00 of materials and $37,820.00 of labor costs were incurred. The 6,500 figurines that were in-process at the end of January were assumed to be 40.00% complete to labor and overhead. All figurines in January passed inspection. 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 \begin{tabular}{|r|} \hline 3,100 units \\ \hline 22,500 units \\ \hline 25,600 units \\ \hline 19,100 units \\ \hline 6,500 units \\ \hline 25,600 units \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|r|} \hline & & & & Inventory in Process & \\ \hline & & & Started \& Completed & 0 \\ \hline & & & Transferd & 16800 \\ \hline & & & & 16800 \\ \hline & & & & 2600 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|r|} \hline & & & & inventory in proccess & \\ \hline & & & & started and completed & 310 \\ \hline & & & transferd out & 16000 \\ \hline & & & inventoru in proccess & 16000 \\ \hline & & & Units to be assigned cost & & 1600 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|} \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|} \hline & & & & & \\ \hline & & & & & \\ \hline & & & & \\ \hline \multicolumn{2}{|l|}{ Total cost of Conversion this period (Round to two places, \#\#.\#\#\#.\#\#) } & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|l|} \hline 09 & Jun 16 & 4100 & Computer \& Consulting & performed services & & 8,000.00 \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|r|r|r|l|l|r|r|} \hline 10 & Jun 16 & 1510 & Land & Bought land and building & 15,000.00 & \\ \hline 10 & Jun 16 & 1411 & Building Cost & Bought land and building & 80,000.00 & \\ \hline 10 & Jun 16 & 1110 & Cash & Bought land and building & & 9,500.00 \\ \hline 10 & Jun 16 & 2201 & Mortgage Payable & Bought land and building & & 85,500.00 \\ \hline \end{tabular} \begin{tabular}{|r|r|r|l|l|r|r|} \hline 11 & Jun 17 & 5030 & Advertising Expense & For advertising & 250.00 & \\ \hline 11 & Jun 17 & 2101 & Accounts Payable & For advertising & & 250.00 \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|r|r|r|l|l|r|r|} \hline 12 & Jun 17 & 1140 & Prepaid Rent & Paid rent for 2 months & 4,000.00 & \\ \hline 12 & Jun 17 & 1110 & Cash & Paid rent for 2 months & & 4,000.00 \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|r|r|r|l|l|r|r|r|} \hline 13 & Jun 21 & 5040 & Repairs \& Maint. Expen & For repairs & 1,290.00 & \\ \hline 13 & Jun 21 & 2101 & Accounts Payable & For repairs & & & 1,290.00 \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|r|r|r|l|l|r|r|} \hline 15 & Jun 21 & 2101 & Accounts Payable & Paid of accouts & 3,280.00 & \\ \hline 15 & Jun 21 & 1110 & Cash & Paid of accouts & & 3,280.00 \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|l|l|l|l|l|l|l|l} \hline 16 & & & & & & & \\ \hline & & & & & & & \\ \hline \end{tabular}