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I need process costing information and job order costing information General Information The I See The Light Company has a related company that produces the
I need process costing information and job order costing information
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 3,300 figurines at a cost of $60,720.00. Of this amount, $52,800.00 was from raw malerials added, $5,280,00 for labor and $2,640.00 for overhead. These 3,300 figurines were assumed to be 80.00% complete as to labor and overhead. During January, 22,500 units were starled, $365,175.00 of materials and $42,720.00 of labor oosts were incurred. 6B 69 The 4,500 figurines that were in-process at the end al January were assumed to be 60.00% complete to 7170 labor and overhead. 72 All figurines in January passed inspection. 8180 January o keep records of the actual cost of a special order job, a Job Order Cost System has been devoloped. Dvethead is applied at the rate of 50% of the direct labor cost. Job Order Costing Section On January 1, 20*2, Division S began Job 2407 for the Client, THE BIG CHILDREN STORE. The * job called for 4,000 cuslomized Gmps. The following sel of transactians occurred from January 5 unt the job was compleled: 5-Jan Purchased 4,050 Lamp Kils (a) \$16.40 per kil. 9-Jan 4,175 sels of Lamp Kits were requisitioned, including all those in the Beginning Inventory. 17. Jan Payroll of 640 Direct Labor Hours @ $9.75 per hour. 30. Jan Payrol of 690 Direct Labor Hours @ $10.00 per hour. 30-Jan 3,990 lamps were compleled and shipped. All malerials requisitioned were - used or scrapped, and are a cost ol normal processing. Month End Overtiead Information Actual Vanable Manulacturing Overhead Actual Foxed Manulacturing Overhead $$1,409.8041,373.45 Round to two places, SHHH Cost of Actual Foxed Manufacturing Ovethead $41,373.45 Round to two places, \$\#_A\# \{13.01\} (13.02) Cost of 1 Cost of r (13.03) (13.04)Step by Step Solution
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