PART 4 6 Process Costing - First-In First-Out 7 8 General Information 9 10 The I See The Light Company has a related company that produces the figurines. They use process costing 11 in the molding department. The factory overhead is applied at a rate of 50% of direct labor dollars. 12 The material is added at the beginning of the process. The labor and overhead costs are assumed 13 to be added uniformly throughout. 17 18 19 20 23 24 Month of January 25 26 Selected information for January is presented below. Note that the applied overhead rate was 27 50% of direct labor costs in the molding department. 30 31 32 Molding Department 33 34 Goods in-process as of January 1 were 3,000 figurines at a cost of $56,100.00. Of this amount, $48,000.00 was from 37 raw materials added, $5,400.00 for labor and $2,700.00 for overhead. These 3,000 figurines were assumed to be 38 90.00% complete as to labor and overhead. 39 40 During January, 22,000 units were started, $354,420.00 of materials and $34,100.00 of labor costs were incurred. 44 The 7,500 figurines that were in-process at the end of January were assumed to be 30.00% complete to 45 labor and overhead. 46 47 All figurines in January passed inspection 48 D mary MOLDING Physical File W.Process US Period Ust Account 120 (13.00 Tarweed out won Process Ending To Accord for 12.09 112.04 112.051 Egutenti Word places (1206) Equivalent Unit Conversion Round the pres (1207 Toon in the inventory places Totalcore Mallised on tepi (12.091 Te Conversion sound towe (12101 Toto Round places, .. 12 13 12.13) Cost of the uniterend moon Hound the 11.2.14) Cac the grand con Round to replaces (12.15 12.16