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4 PART 4 6 Process Costing - Weighted Average 7 8 General Information 12 13 The I See The Light Company has a related company that produces the figurines. They use process costing 14 in the molding department. The factory overhead is applied at a rate of 50% of direct labor dollars 15 The material is added at the beginning of the process. The labor and overhead costs are assumed 16 to be added uniformly throughout 20 21 22 23 24 28 Month of January 29 30 Selected information for January is presented below. Note that the applied overhead rate was 31 50% of direct labor costs in the molding department 32 36 37 Molding Department 38 39 Goods in process as of January 1 were 2,800 figurines at a cost of $52,394 00 of this amount, $4,424 00 was from 40 raw materials added, $31,980 00 for labor and $15.990 00 for overhead. These 2,800 figurines were assumed to be 44 60.00% complete as to labor and overhead 45 46 During January, 26,000 units were started, $38,776 00 of materials and $52,260 00 of labor costs wore incurred BA 29 30 Selected information for January is presented below. Note that the applied overhead rate was 31 50% of direct labor costs in the molding department 32 36 37 Moking Department 38 39 Goods in-process as of January 1 were 2,800 figurines at a cost of $52,394.00. Of this amount, $4,424.00 was from 40 raw materials added, $31,980.00 for labor and $15,990.00 for overhead These 2,800 figurines were assumed to be 44 60.00% complete as to labor and overhead 45 46 During January, 26,000 units were started, $38,776 00 of materials and $52,260.00 of labor costs were incurred 47 48 The 6,000 figurines that were in-process at the end of January were assumed to be 10.00% complete to 52 labor and overhead 53 54 All figurines in January passed inspection 55 56 January 112.01 112 021 5 6 7 8 MOLDING 9 14 Physical Flow of Units 15 16 Work-in-Process - Beginning 17 Units Started this Period 18 Units to Account for 23 24 Total transferred out 25 Work in Process - Ending 26 Total Accounted for 27 32 33 34 Equivalent Units Material (Round to two places, ## ###) 35 36 41 Equivalent Units Conversion (Round to two places, ##.###.##) 42 43 44 45 Total cost of Material (Round to two places, it w) 50 51 52 Total cost of Conversion (Round to two places ####### 53 Total cost to account for (Round to two places, ## ##### 54 - 1 1 2 3 4 5 6 7 8 9 10 112.08) 11204) (1205) (1206) 112.07 11 12 13 14 15 16 17 18 Present Value Tables F G H 11203) (12.04 B D E 24 Equivalent Units Material (Round to two places, #### 25 B6 11 Equivalent Units Conversion (Round to two places, ##.###.##) 12 43 44 45 Total cost of Material (Round to two places, ## ### ##) 50 51 52 Total cost of Conversion (Round to two places, H.) 53 Total cost to account for (Round to two places, ##WWW.MA) (1205) 11206) 112 07 54 (12081 59 60 61 Cost per equivalent unit of Material (Round to two places ) 62 63 68 Cost por equivalent unit of Conversion (Round to two places, W) 112091 69 70 71 72 77 78 79 Cost of the ending inventory, material and convesion (Round to two places, $######## BO 81 86 07 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 (1210) 16 17 18 Present Value Tables 11205) (12061 [12071 (1208) 112,09) 44 45 Total cost of Material (Round to two places, ### ### ##) 50 51 52 Total cost of Conversion (Round to two places, ## ### ###) 53 Total cost to account for (Round to two places, ######## 54 59 60 61 Cost per equivalent unit of Matenal (Round to two places, ##### 62 63 68 Cost per equivalent unit of Conversion (Round to two places, ######) 69 70 71 72 77 78 79 Cost of the ending inventory, material and convesion (Round to two places, Sh## ### ## 80 81 86 87 88 89 90 91 Cost of the units transferred, material and convesion (Round to two places, $, A.) 92 93 2 3 4 5 6 7 8 9 10 11 12 13 14 15 11210) 112111 1 16 17 18 Present Value Tables