HS 5 SB7213 Q- Search Sheet Home Insert Draw Page Layout Formulas Data Review View + Share X Cut AutoSum A A ab Wrap Text Fill - Paste Merge & Center % ) 4.000 00 Insert Conditional Format Cell Formatting as Table Styles Delete Format Clear Sort & Find & Filter Select N77 Copy r B Format fx B Process Costing - First-In First-Out X A A D E F G H J K L M N O P Q R S T U V W Y 6 7 8 General Information 16 17 The I See The Light Company has a related company that produces the figurines. They use process costing 18 in the molding department. The factory overhead is applied at a rate of 50% of direct labor dollars. 19 The material is added at the beginning of the process. The labor and overhead costs are assumed 20 to be added uniformly throughout 28 29 30 31 32 40 41 Month of January 42 43 Selected information for January is presented below. Note that the applied overhead rate was 44 50% of direct labor costs in the molding department. 52 53 54 Molding Department 55 56 Goods in-process as of January 1 were 3,200 figurines at a cost of $56,000.00. Of this amount, $51,200.00 was from 64 raw materials added, $3,200.00 for labor and $1,600.00 for overhead. These 3,200 figurines were assumed to be 65 50.00% complete as to labor and overhead. 66 67 During January, 25,000 units were started, $404,750.00 of materials and $48,700.00 of labor costs were incurred. 68 76 The 4,500 figurines that were in-process at the end of January were assumed to be 50.00% complete to 77 labor and overhead. 78 79 Al figurines in January passed inspection. 80 88 89 90 91 92 100 9 101 102 103 104 112 113 114 115 FAQ 2 A 11 A 12 A 13 + Ready 3 100% o SB7213 Q- Search Sheet Draw Page Layout Formulas Data Review View + Share Home Insert X Cut A ab Wrap Text AutoSum Fill Copy 0 Paste U U- B Merge & Center 00 % ) % Insert Delete Conditional Format Cell Formatting as Table Styles Format Format Clear Sort & Find & Filter Select L8 fx G H J L M N O (12.01) ) 3,200 units 25.000 units 28,200 units {12.02) 23,700 units 4,500 units 28,200 units (12.03) (12.04) {12.05) ) 23700 4500 73,050.00 units (12.06) 23700 2250 101,250.00 units {12.07) B B D E F 78 hysical Flow of Units 19 20 ork-in-Process - Beginning 21 nits Started this period 22 nits to Account for 31 32 ptal transferred out 33 ork-in-Process - Ending 34 ptal Accounted for 35 44 45 46 47 48 57 quivalent Units Material (Round to three places, ##.###.###) 58 59 60 61 70 71 quivalent Units Conversion (Round to three places, ##.###.###) 72 73 74 83 84 85 86 87 ptal cost in the Beginning Inventory (Round to two places, ##.###.##) 96 97 98 99 100 109 110 ptal cost of Material this period (Round to two places, ##.###.##) 111 112 113 122 123 ptal cost of Conversion this period (Round to two places, ##.###.##) 124 125 126 127 128 ptal cost to account for (Round to two places, ##.###.##) 129 130 131 132 ost per equivalent unit of Material this period (Round to seven places, #*##******) ) FAQ 2 A 11 A 12 {12.08) 51200 404750 0.37 $ (12.09) 3200 1600 73050 0.72 $ {12.10) $ $ $ 0.37 0.72 1.09 {12.11) $ 0.37 73,050.00 units 0.0000051 {12.12) 13 Ready 3 100% o SB7213 Q- Search Sheet Draw Page Layout Formulas Data Review View + Share Home Insert X Cut AutoSum A A ab Wrap Text Copy Fill - Paste B U- Merge & Center & $ - % % ) 4.000 00 Insert Conditional Format Cell Formatting as Table Styles Delete Format Format Clear Sort & Find & Filter Select L8 x fx JA G H J L M N 0 $ B D E F 129 130 131 132 Cost per equivalent unit of Material this period (Round to seven places, ###.#######) 133 134 135 136 137 Cost per equivalent unit of Conversion this period (Round to seven places, ###.#######) 0.37 73,050.00 units 0.0000051 $ (12.12) $ 0.72 101,250.00 units 0.0000071 $ {12.13) 138 $ $ 0.12 0.1682700 0.29 (12.14) $ $ 0.0200000 0.0200000 $ 0.04 {12.15) (12.16) 139 140 141 142 143 144 Cost of the units transferred, material and convesion (Round to two places, $###.###.## 145 146 147 148 149 150 151 152 Cost of the ending inventory, material and convesion (Round to two places, $###.###.##) 153 154 155 Total Cost accounted for (Round to two places, $###.###.##) 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 FAQ 2 A 11 12 A 13 + Ready 3 100% HS 5 SB7213 Q- Search Sheet Home Insert Draw Page Layout Formulas Data Review View + Share X Cut AutoSum A A ab Wrap Text Fill - Paste Merge & Center % ) 4.000 00 Insert Conditional Format Cell Formatting as Table Styles Delete Format Clear Sort & Find & Filter Select N77 Copy r B Format fx B Process Costing - First-In First-Out X A A D E F G H J K L M N O P Q R S T U V W Y 6 7 8 General Information 16 17 The I See The Light Company has a related company that produces the figurines. They use process costing 18 in the molding department. The factory overhead is applied at a rate of 50% of direct labor dollars. 19 The material is added at the beginning of the process. The labor and overhead costs are assumed 20 to be added uniformly throughout 28 29 30 31 32 40 41 Month of January 42 43 Selected information for January is presented below. Note that the applied overhead rate was 44 50% of direct labor costs in the molding department. 52 53 54 Molding Department 55 56 Goods in-process as of January 1 were 3,200 figurines at a cost of $56,000.00. Of this amount, $51,200.00 was from 64 raw materials added, $3,200.00 for labor and $1,600.00 for overhead. These 3,200 figurines were assumed to be 65 50.00% complete as to labor and overhead. 66 67 During January, 25,000 units were started, $404,750.00 of materials and $48,700.00 of labor costs were incurred. 68 76 The 4,500 figurines that were in-process at the end of January were assumed to be 50.00% complete to 77 labor and overhead. 78 79 Al figurines in January passed inspection. 80 88 89 90 91 92 100 9 101 102 103 104 112 113 114 115 FAQ 2 A 11 A 12 A 13 + Ready 3 100% o SB7213 Q- Search Sheet Draw Page Layout Formulas Data Review View + Share Home Insert X Cut A ab Wrap Text AutoSum Fill Copy 0 Paste U U- B Merge & Center 00 % ) % Insert Delete Conditional Format Cell Formatting as Table Styles Format Format Clear Sort & Find & Filter Select L8 fx G H J L M N O (12.01) ) 3,200 units 25.000 units 28,200 units {12.02) 23,700 units 4,500 units 28,200 units (12.03) (12.04) {12.05) ) 23700 4500 73,050.00 units (12.06) 23700 2250 101,250.00 units {12.07) B B D E F 78 hysical Flow of Units 19 20 ork-in-Process - Beginning 21 nits Started this period 22 nits to Account for 31 32 ptal transferred out 33 ork-in-Process - Ending 34 ptal Accounted for 35 44 45 46 47 48 57 quivalent Units Material (Round to three places, ##.###.###) 58 59 60 61 70 71 quivalent Units Conversion (Round to three places, ##.###.###) 72 73 74 83 84 85 86 87 ptal cost in the Beginning Inventory (Round to two places, ##.###.##) 96 97 98 99 100 109 110 ptal cost of Material this period (Round to two places, ##.###.##) 111 112 113 122 123 ptal cost of Conversion this period (Round to two places, ##.###.##) 124 125 126 127 128 ptal cost to account for (Round to two places, ##.###.##) 129 130 131 132 ost per equivalent unit of Material this period (Round to seven places, #*##******) ) FAQ 2 A 11 A 12 {12.08) 51200 404750 0.37 $ (12.09) 3200 1600 73050 0.72 $ {12.10) $ $ $ 0.37 0.72 1.09 {12.11) $ 0.37 73,050.00 units 0.0000051 {12.12) 13 Ready 3 100% o SB7213 Q- Search Sheet Draw Page Layout Formulas Data Review View + Share Home Insert X Cut AutoSum A A ab Wrap Text Copy Fill - Paste B U- Merge & Center & $ - % % ) 4.000 00 Insert Conditional Format Cell Formatting as Table Styles Delete Format Format Clear Sort & Find & Filter Select L8 x fx JA G H J L M N 0 $ B D E F 129 130 131 132 Cost per equivalent unit of Material this period (Round to seven places, ###.#######) 133 134 135 136 137 Cost per equivalent unit of Conversion this period (Round to seven places, ###.#######) 0.37 73,050.00 units 0.0000051 $ (12.12) $ 0.72 101,250.00 units 0.0000071 $ {12.13) 138 $ $ 0.12 0.1682700 0.29 (12.14) $ $ 0.0200000 0.0200000 $ 0.04 {12.15) (12.16) 139 140 141 142 143 144 Cost of the units transferred, material and convesion (Round to two places, $###.###.## 145 146 147 148 149 150 151 152 Cost of the ending inventory, material and convesion (Round to two places, $###.###.##) 153 154 155 Total Cost accounted for (Round to two places, $###.###.##) 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 FAQ 2 A 11 12 A 13 + Ready 3 100%