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PART 4 Process Costing - First - In First - Out General Information The I See The Light Company has a related company that produces
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Process Costing FirstIn FirstOut
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 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 of direct labor costs in the molding department.
Molding Department
Goods inprocess as of January were figurines at a cost of $ Of this amount, $ was from raw materials added, $ for labor and $ for overhead. These figurines were assumed to be complete as to labor and overhead.
During January, units were started, $ of materials and $ of labor costs were incurred.
The figurines that were inprocess at the end of January were assumed to be complete to labor and overhead.
All figurines in January passed inspection.
FILL OUT CHART PLEASE
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