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 $55,420.00. Of this amount, $54,400.00 was from raw materials added, $680.00 for labor and $340.00 for overhead. These 3,400 figurines were assumed to be 10.00% complete as to labor and overhead. During January, 25,500 units were started, $410,295.00 of materials and $54,420.00 of labor costs were incurred. The 4,500 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.