need help on last imagin
I See The Light Projected Balance Sheet As of December 31, 20x1 5 34,710.00 67,500.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets 8,000.00 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 500 $16.00 0 3000 @ $30.00 90,000.00 $ 200,210.00 Fixed Assets Equipment Accumulated Depreciatio Total Fixed Assets Total Assets $ 20,000.00 6,800.00 13,200.00 $ 213,410.00 S $ 54,000.00 54 000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 147 410.00 159.410.00 $ 213.410.00 56 57 58 59 60 61 62 63 64 65 66 C D E F G H KL N B 2 3259 3 4 PART 4 6 Process Costing - First-In First-Out 7 8 General Information 9 11 The I See The Light Company has a related company that produces the figurines. They use process costing 12 in the molding department. The factory overhead is applied at a rate of 50% of direct labor dollars. 13 The material is added at the beginning of the process. The labor and overhead costs are assumed 14 to be added uniformly throughout 15 17 18 19 20 21 23 Month of January + 24 25 Selected information for January is presented below. Note that the applied overhead rate was 26 50% of direct labor costs in the molding department 27 29 30 Molding Department 31 32 Goods in process as of January 1 were 3.000 figurines at a cost of $56 10000 of this amount. $48.00000 was from 33 raw materials added 55,400.00 for labor and $2.700.00 for overhead. These 3.000 figurines were assumed to be 35 90.00% complete as to labor and overhead 36 37 During January 22,000 units were started. 5354 420 00 of materials and 535,600 00 of labor costs were incuted 38 39 The 6.500 figurines that were in process at the end of January were assumed to be 30.00% complete to 41 labor and overhead 42 43 All figurines in January passed inspection 44 45 47 sa D E January B 4 5 6 7 8 MOLDING 9 10. Physical Flow of Units 13 14 Work in Process - Beginning 15 Units Started this Period 16 Units to Account for 3.000 units {12.01 25,000 units (12.02) 18,500 units 6,500 units 25,000 units (12.03) (12.04 (1205) 20 Total transferred out 21 Work in Process - Ending 22 Total Accounted for 23 24 27 28 29 30 31 Equivalent Units Material (Round to three places, 4.484.00) 34 35 36 37 38 41 Equivalent Units Conversion (Round to three places, .Now. 42 43 44 45 22.000.00 units (1206) 17 750.00 units 11207) 56,100.00 1203) 50 51 Total cost in the Beginning Inventory (Round to two places, a.) 52 55 56 57 56 69 02 Total cost of Material this period (Round to two places . AM 53 ES 361420 90 (1209 Introduction TAG 12 354 420.00 H {1209) 53,250.00 (1210) S 463, 770.00 {1211) 16.1100000 (12.12) 3.0000000 {1213) B D E 62 Total cost of Material this period (Round to two places, M.D.) 63 64 65 66 69 Total cost of Conversion this period (Round to two places, .0.10) 70 71 72 73 74 Total cost to account for Round to two places, ##.##0.1) 75 76 77 78 Cost per equivalent unit of Material this period (Round to seven places, www.NO) 79 BO 81 82 83 Cost per equivalent unit of Conversion this period (Round to seven places, NAWAWN) 84 85 86 87 88 89 90 Cost of the units transferred, material and convesion (Round to two places, SOww.9.80 91 92 93 94 95 96 97 98 Cost of the ending inventory, material and convesion (Round to two places. $800.WW.NO 99 100 101 Total Cost accounted for (Round to two places, S...) 102 103 104 105 106 107 108 353,205.00 (1214) 110,565.00 (1215) 5 463.770.00 [12.16) D F G 51 55 56 Round to two places, S8w Cost of Direct Material incurred in Manufacturing Job 2407 (13.01) Cost of Direct Labor incurred in Manufacturing Job 2407 (13.02) Cost of Manufacturing Overhead Applied to Job 2407 (13.03) Cost of manufacturing one lamp 57 58 59 63 64 65 66 67 71 72 73 74 75 79 80 81 B2 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 58 99 100 101 102 103 104 105 (1304) I See The Light Projected Balance Sheet As of December 31, 20x1 5 34,710.00 67,500.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets 8,000.00 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 500 $16.00 0 3000 @ $30.00 90,000.00 $ 200,210.00 Fixed Assets Equipment Accumulated Depreciatio Total Fixed Assets Total Assets $ 20,000.00 6,800.00 13,200.00 $ 213,410.00 S $ 54,000.00 54 000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 147 410.00 159.410.00 $ 213.410.00 56 57 58 59 60 61 62 63 64 65 66 C D E F G H KL N B 2 3259 3 4 PART 4 6 Process Costing - First-In First-Out 7 8 General Information 9 11 The I See The Light Company has a related company that produces the figurines. They use process costing 12 in the molding department. The factory overhead is applied at a rate of 50% of direct labor dollars. 13 The material is added at the beginning of the process. The labor and overhead costs are assumed 14 to be added uniformly throughout 15 17 18 19 20 21 23 Month of January + 24 25 Selected information for January is presented below. Note that the applied overhead rate was 26 50% of direct labor costs in the molding department 27 29 30 Molding Department 31 32 Goods in process as of January 1 were 3.000 figurines at a cost of $56 10000 of this amount. $48.00000 was from 33 raw materials added 55,400.00 for labor and $2.700.00 for overhead. These 3.000 figurines were assumed to be 35 90.00% complete as to labor and overhead 36 37 During January 22,000 units were started. 5354 420 00 of materials and 535,600 00 of labor costs were incuted 38 39 The 6.500 figurines that were in process at the end of January were assumed to be 30.00% complete to 41 labor and overhead 42 43 All figurines in January passed inspection 44 45 47 sa D E January B 4 5 6 7 8 MOLDING 9 10. Physical Flow of Units 13 14 Work in Process - Beginning 15 Units Started this Period 16 Units to Account for 3.000 units {12.01 25,000 units (12.02) 18,500 units 6,500 units 25,000 units (12.03) (12.04 (1205) 20 Total transferred out 21 Work in Process - Ending 22 Total Accounted for 23 24 27 28 29 30 31 Equivalent Units Material (Round to three places, 4.484.00) 34 35 36 37 38 41 Equivalent Units Conversion (Round to three places, .Now. 42 43 44 45 22.000.00 units (1206) 17 750.00 units 11207) 56,100.00 1203) 50 51 Total cost in the Beginning Inventory (Round to two places, a.) 52 55 56 57 56 69 02 Total cost of Material this period (Round to two places . AM 53 ES 361420 90 (1209 Introduction TAG 12 354 420.00 H {1209) 53,250.00 (1210) S 463, 770.00 {1211) 16.1100000 (12.12) 3.0000000 {1213) B D E 62 Total cost of Material this period (Round to two places, M.D.) 63 64 65 66 69 Total cost of Conversion this period (Round to two places, .0.10) 70 71 72 73 74 Total cost to account for Round to two places, ##.##0.1) 75 76 77 78 Cost per equivalent unit of Material this period (Round to seven places, www.NO) 79 BO 81 82 83 Cost per equivalent unit of Conversion this period (Round to seven places, NAWAWN) 84 85 86 87 88 89 90 Cost of the units transferred, material and convesion (Round to two places, SOww.9.80 91 92 93 94 95 96 97 98 Cost of the ending inventory, material and convesion (Round to two places. $800.WW.NO 99 100 101 Total Cost accounted for (Round to two places, S...) 102 103 104 105 106 107 108 353,205.00 (1214) 110,565.00 (1215) 5 463.770.00 [12.16) D F G 51 55 56 Round to two places, S8w Cost of Direct Material incurred in Manufacturing Job 2407 (13.01) Cost of Direct Labor incurred in Manufacturing Job 2407 (13.02) Cost of Manufacturing Overhead Applied to Job 2407 (13.03) Cost of manufacturing one lamp 57 58 59 63 64 65 66 67 71 72 73 74 75 79 80 81 B2 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 58 99 100 101 102 103 104 105 (1304)
