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 2,900 figurines at a cost of $49,880.00. Of this amount, $46,400.00 was from raw materials added, $2.320.00 for labor and $1.160.00 for overhead. These 2,900 figurines were assured to be 40.00% complete as to labor and overhead. During January, 21,500 units were started, $348,945.00 of materials and $37,680.00 of labor costs were incurred The 5.500 figurines that were in process at the end of January were assumed to be 20.00% complete to labor and overhead. Al figurines in January passed inspection MOLDEN Physical Flow al Uni Work In Process Beginning Units Started this period 11202; T12031 Torted our Work Process Ending Tip Aroudly 112.05) Equivalent Unit Materede (12.07 cout in the beginningimento Round to two places tal cost of Material the period (Round to two places enero Round wees (12100 112.11 - 11211 Con this perioda 112 Com une Costed 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 d a tes of direct labor dollars. The material is added at the beginning of the proc . The labor and overhead s are med 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-processes of January 1 were 2,900 figurines at a cost of $49,880.00. Of this amount, 146,400.00 was from raw materials added, 32,320.00 for labor and $1,160.00 for overhead. These 2,900 figurines were assumed to be 40.00% complete as to labor and overhead During January 21,500 units were started, $348 945.00 of materials and $37.680.00 of labor costs were incurred The 5,500 figurines that were in-process at the end of January were assumed to be 20.00% complete to labor and overhead Al figurines in January passed inspection Jerry U WordPress-Begg stand this Pro Torned out WoPro-Ending 112.05 MaterHound to the Equivalent inits Carmelon Round to rets [12.07 IIIIII Total cost in the thinning inventy Rount in places, IN [12081 To cost of Material this period and to two pades 11209 contcf Cameron N o Rond es I te second round to two places. . 12121 12.13 Comendo Tote Controlled Rownd to hao pince. ..) 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 2,900 figurines at a cost of $49,880.00. Of this amount, $46,400.00 was from raw materials added, $2,320.00 for labor and $1,160.00 for overhead. These 2,900 figurines were assumed to be 40.00% complete as to labor and overhead. During January, 21.500 units were started, $348,945.00 of materials and $37,680.00 of labor costs were incurred. The 5,500 figurines that were in-process at the end of January were assumed to be 20.00% complete to labor and overhead. All figurines in January passed inspection January MOLDING Physical Flow of Units Work in Process - Beginning Units Started this Period Units to Account for Total transferred out Work in Process - Ending Total Accounted for