Need answers to questions 15.01 through 15.11

Process Costing - First-In First-Out

Mr. Jones, a consultant, has indicated that FIFO process costing would produce more meaningful cost data.

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 3,400 figurines at a cost of $8,721.00. Of this amount, $1,836.00 was from

raw materials added, $4,590.00 for labor and $2,295.00 for overhead. These 3,400 figurines were assumed to be

50.00% complete as to labor and overhead.

During January, 24,500 units were started, $13,720.00 of materials and $67,500.00 of labor costs were incurred.

The 4,000 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.

	Process Costing - First-In First-Out
Physical Flow of Units					January
Work-in-Process - Beginning
Units Started this Period
Units to Account for
Total transferred out						{15.01}
Work-in-Process - Ending
Total Accounted for
Equivalent Units Material (Round to three places, ##.###.###)						{15.02}
Equivalent Units Conversion (Round to three places, ##.###.###)						{15.03}
Total cost in the Beginning Inventory (Round to two places, ##,###.##)						{15.04}
Total cost of Material this period (Round to two places, ##.###.##)						{15.05}
Total cost of Conversion this period (Round to two places, ##.###.##)						{15.06}
Total cost to account for (Round to two places, ##.###.##)						{15.07}
Cost per equivalent unit of Material this period (Round to seven places, ###.#######)						{15.08}
Cost per equivalent unit of Conversion this period (Round to seven places, ###.#######)						{15.09}
Cost of the units transferred, material and convesion (Round to two places, $###,###.## )						{15.10}
Cost of the ending inventory, material and convesion (Round to two places, $###,###.## )						{15.11}