PART 4 Process Costing - First-In First-Out 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 3,000 figurines at a cost of $55,200.00. Of this amount, $48,000.00 was from raw materials added, $4,800.00 for labor and $2,400.00 for overhead. These 3,000 figurines were assumed to be 80.00% complete as to labor and overhead. During January, 22,000 units were started, $353,980.00 of materials and $34,000.00 of labor costs were incurred. The 8,000 figurines that were in-process at the end of January were assumed to be 30.00% complete to labor and overhead. All figurines in January passed inspection. January 3 MOLDING {12.01} 3,000 units 22,000 units 25,000 units {12.02) 17,000 units 8,000 units 25,000 units {12.03) {12.04} {12.05) 0 Physical Flow of Units 1 4 Work-in-Process - Beginning 5 Units Started this Period 6 Units to Account for 7 8 Total transferred out 1 Work-in-Process - Ending 2 Total Accounted for 3 -4 5 8 9 0 1 Equivalent Units Material (Round to three places, #.###.###) 2 5 6 7 8 9 Equivalent Units Conversion (Round to three places, #.###.###) -2 3 4 {12.06) {12.07) -6 -9 UWAWN ONO WOO OOOWN O O O OWN O O O O NOOoo AWN {12.08) 1 Total cost in the Beginning Inventory (Round to two places, ##.###.##) 2 3 Cost of beginning work in process 6 materials added 7 8 9 0 Total cost of Material this period (Round to two places, #.###.##) 3 4 cost of beginning WIP 5 conversjon cost added (21625+ 6 7 Total cost of Conversion this period (Round to two places, #.##.#) {12.09) {12.10) 1 2 3 4 Total cost to account for (Round to two places, #.###.##) 5 {12.11) Total cost in the Beginning Inventory (Round to two places, ##.###.#) {12.08) Cost of beginning work in process materials added Total cost of Material this period (Round to two places, #.#.#) {12.09) cost of beginning WIP conversjon cost added (21625+ Total cost of Conversion this period (Round to two places, ##.###.##) {12.10) Total cost to account for (Round to two places, #.##.#) {12.11) total cost of material 1 equiv units material Cost per equivalent unit of Material this period (Round to seven places, ##.## 401980 25000 $ 16.0800000 {12.12) total cost of conversion/ equivalent units conversion 58200 19400 Cost per equivalent unit of Conversion this period (Round to seven places, ###.#######) $ 3.0000000 {12.13) Cost of the units transferred, material and convesion (Round to two places, $##.###.##) {12.14) equivalent units material cost per equivalent unit of materials cost per equivalent unit of conversion equivalent units conversion Cost of the ending inventory, material and convesion (Round to two places, $###.###.#) {12.15) Total Cost accounted for (Round to two places, $###,###.##) {12.16)