I See The Light Projected Balance Sheet As of December 31, 20x1 34,710.00 67,500.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets 5001@ $16.00 0 3000 $30.00 8,000.00 90,000.00 $ 200,210.00 Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets $ 20,000.00 6,800.00 13,200.00 $ 213,410.00 Cument Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Eamings Total Stockholder's Equity Total Liabilities and Stockholder's Equity 54,000.00 54,000.00 $ $ 12,000.00 147.410.00 159.410.00 $ 213.410.00 Process Costing - First-In First-Out 0 1 General Information 2 6 The I See The Light Company has a related company that produces the figurines. They use process costing 7 in the molding department. The factory overhead is applied at a rate of 50% of direct labor dollars. 8 The material is added at the beginning of the process. The labor and overhead costs are assumed 9 to be added uniformly throughout. 0 2 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 3,400 figurines at a cost of $56,440.00. Of this amount, $54,400.00 was from raw materials added, $1.360.00 for labor and $680.00 for overhead. These 3,400 figurines were assumed to be 20.00% complete as to labor and chverhead. During January, 22,000 units were started, $353,540.00 of materials and 547,340.00 of labor costs were incurred. The 3,500 figurines that were in process at the end of January were assumed to be 70.00% complete to labor and overhead. All figurines in January passed inspection U LT MOLDING Physical flow of Weg Les and the Period U Amour (12.01 (12.00 Tradu Wo Proces. En () 12.00 (1206 (12.00 ) (12.6 12.00 ) 12.00 (12.10 (121) (1212) (1215 (139 VOLDING Physical Flow of Us Water Und the Paris U Auto (12.01 Terd Tours (12.000 (132.00 (12.00 (12.8 (12.0 12.09 (12.10 (1211) 2. (1275 (12.10 JY MOLDING Prawo Wat Pro Un and the Pied Ust Auto (1201) (12.00) Teatrda WordPres. Ending To contato (12.09 (1206) 12.00 Cullent Unit Maled to rememe 12.00 Cullen Units Cameroon how (12.00) Totes in the (12.00 12.00 (12.10 (1211) (121) 12.14 (12.15 TO Cote beund te I See The Light Projected Balance Sheet As of December 31, 20x1 34,710.00 67,500.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets 5001@ $16.00 0 3000 $30.00 8,000.00 90,000.00 $ 200,210.00 Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets $ 20,000.00 6,800.00 13,200.00 $ 213,410.00 Cument Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Eamings Total Stockholder's Equity Total Liabilities and Stockholder's Equity 54,000.00 54,000.00 $ $ 12,000.00 147.410.00 159.410.00 $ 213.410.00 Process Costing - First-In First-Out 0 1 General Information 2 6 The I See The Light Company has a related company that produces the figurines. They use process costing 7 in the molding department. The factory overhead is applied at a rate of 50% of direct labor dollars. 8 The material is added at the beginning of the process. The labor and overhead costs are assumed 9 to be added uniformly throughout. 0 2 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 3,400 figurines at a cost of $56,440.00. Of this amount, $54,400.00 was from raw materials added, $1.360.00 for labor and $680.00 for overhead. These 3,400 figurines were assumed to be 20.00% complete as to labor and chverhead. During January, 22,000 units were started, $353,540.00 of materials and 547,340.00 of labor costs were incurred. The 3,500 figurines that were in process at the end of January were assumed to be 70.00% complete to labor and overhead. All figurines in January passed inspection U LT MOLDING Physical flow of Weg Les and the Period U Amour (12.01 (12.00 Tradu Wo Proces. En () 12.00 (1206 (12.00 ) (12.6 12.00 ) 12.00 (12.10 (121) (1212) (1215 (139 VOLDING Physical Flow of Us Water Und the Paris U Auto (12.01 Terd Tours (12.000 (132.00 (12.00 (12.8 (12.0 12.09 (12.10 (1211) 2. (1275 (12.10 JY MOLDING Prawo Wat Pro Un and the Pied Ust Auto (1201) (12.00) Teatrda WordPres. Ending To contato (12.09 (1206) 12.00 Cullent Unit Maled to rememe 12.00 Cullen Units Cameroon how (12.00) Totes in the (12.00 12.00 (12.10 (1211) (121) 12.14 (12.15 TO Cote beund te
